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of <h1>Income-tax Rules Amended: New Formats for Form 16 and Form 24Q Effective May 12, 2019.</h1> The Income-tax (3rd Amendment) Rules, 2019, issued by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962. Effective from May 12, 2019, the amendment revises Form No. 16 and Form No. 24Q. In Form No. 16, the 'Notes' section after 'Part A' is removed, and a new format for 'Part B (Annexure)' is introduced, detailing salary, exemptions, deductions, and tax calculations. Form No. 24Q's 'Annexure II' is also updated, outlining salary details and tax liabilities for employees. The notification specifies requirements for reporting and verification by employers and deductors.
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