Tuesday, May 3, 2016

No more ‘self-declaration’ - Employees now required to give declaration in a new form

Presently, employees who wanted to claim tax deductions are required to file self-declarations of tax savings/deductions to employealong with the evidences  of such tax savings for every financial  year.  Employer  was  liable  to  deduct tax  at  sources  othe  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).