Presently, employees who wanted to claim tax deductions are required to file self-declarations of tax savings/deductions to employer along with the evidences of such tax savings for every financial year. Employer was liable to deduct tax at sources on the estimated income of employees a er considering such self-declarations of tax savings.
Now the CBDT has notified new form no. 12BB for such purposes. Employees are now required to submit evidences/particulars of tax savings to employer in Form no. 12BB.
The CBDT has also notified revised due dates for filing of quarterly TDS returns by persons (other than government). Due dates for filing TDS return for the quarter ended 30th June, 30th September, 31st December and 31st March has been extended to 31st July, 31st October, 31st January and 31st May respectively (old dates were 15th July, 15th October, 15th January and 15th May respectively).