New Amendment Rules for Income Tax
Feb. 22 – India’s Central Board of Direct Taxes has amended the Income Tax Rules of 1962 applicable starting April 1, 2009.
Changes include a new Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of Tax Deducted at Source and Tax Collection at Source for financial year 2009-10.
Rules 30, 31 and 31A will be substituted with the time and mode of payment to government account of tax deducted at source or tax paid under sub-section (1A) of Section 192.
For the certificate of tax deducted at source or tax paid under sub-section (1A) of Section 192:
- The certificate of deduction of tax at source or, the certificate of payment of tax by the employer on behalf of the employee, under section 203 to be furnished by any person deducting tax in accordance with the provisions of
- Section 192 shall be in Form No. 16:
Provided that in the case of an individual, resident in India, where his income from salaries before allowing deductions under section 16 of the Income-tax Act, 1961 does not exceed rupees one lakh fifty thousand,the certificate of deduction of tax at source shall be in Form No. 16AA
The certificate mentioned in sub-rule (1) shall be furnished within a period of one month from the end of the month during which the credit has been given or the sums have been paid or, as the case may be, a cheque or warrant for payment of any dividend has been issued to a shareholder.
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