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Major Changes in Salary TDS Returns – Form 24Q

Recently vide its Notification No. 36/2019 by the Income Tax Department has substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from FY:18-19. Correspondingly, the information to be provided by the employer in Annexure II of Form 24Q-Q4 (Salary Details – providing tax computation of each employee) has also been changed. This comes into effect for all Salary TDS Returns (Form 24Q) for FY:2018-19, Quarter 4.

Objective of the Department seems to consolidate information pertaining to the most frequently exercised exemptions & deductions being considered while determining the taxable income.

Major changes include:

The new File Validation Utility Ver. 6.2 has been launched on 12th May 2019 that needs to be used for validating the modified format for submission of TDS Returns.

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