Form 16:

This time around gives information as is asked in the ITR forms and also the issuance date for the same has been extended to July 10. Form 16 is a TDS certificate issued by employers to their employee is their TDS is deducted on gross taxable income being above the threshold specified. And despite the fact that this due date has already passed, few of the salaried class taxpayers still have not received their form 16, which will undoubtedly make the process difficult for tax payers.

Also, similar to Part A, now Part B of the form has also been standardized and has to be downloaded from the TRACES website. As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee.

Form 24Q filing date has also been extended:

It is to be noted that TDS return form i.e. to be filed by the employer with the government has also seen an extension in its filing to June 30, 2019. The Form 24Q is a quarterly statement of deduction of tax in respect of salary for the four quarters of the financial year.

LTCG reporting seen to be cumbersome in case of equity:

LTCG tax on equity and equity-based funds reintroduced in Union Budget 2018 has been creating a problem as taxpayers are finding it difficult to enter the associated details in a simple way. Also, the reporting section for the same has also undergone some change so taxpayers are expecting more of time.

Verification of pre-filled data in ITR forms:

While the feature has been extended for the convenience of taxpayers, it is noteworthy that individuals also do need to verify some of the facts that whether or not the employer has generated the issued Form 16 from the TRACES' portal and the details on the form 16 match with those in form 26AS. Also, at the same time, any other taxable information which has not been provided in the pre-filled ITR form can be given.

July 19 CBDT notification:

In respect of the LTCG tax, the govt has clarified that either the details on LTCG tax can be provided as aggregate value or scrip-wise.

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