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of <h1>New Income-tax Rules Amend Form 12BA for Reporting Perquisites and Tax Deductions from April 2021.</h1> The Income-tax (3rd Amendment) Rules, 2021, effective from April 1, 2021, replace Form No. 12BA in the Income-tax Rules, 1962. This form details perquisites, fringe benefits, and profits in lieu of salary, including their valuation for taxation purposes. The amendment outlines the requirements for employers to report these details, including the total value of perquisites and tax deductions. Changes also affect Form No. 16, detailing salary and tax deductions, and Form No. 24Q, which includes salary and tax information for the financial year. The notification mandates specific reporting requirements for employers and employees.
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