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CBDT notifies new Form 16 format, seeks detailed break-up of tax exempt allowances

The CBDT has notified on April 12 a new format for salary TDS certificate Form 16. The new format will require a detailed break-up of the nature and amount of tax exempt allowances paid to employees and details of all tax breaks claimed by him/her. The earlier format allowed companies to give consolidated figures. It did not require providing break-up of the tax exempt allowances paid. Corresponding changes have been made n the format of the TDS return also. Last year the tax officials had detected several cases of false claims of large income tax refunds made by some employees.


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