Tax deduction at source reporting: new Form 12BAA lets employees supply non-salary income and TDS/TCS details to adjust withholding. The Income-tax Rules, 1962 are amended by inserting rule 26B and Form No. 12BAA to allow an assessee to submit to the payer details of non-salary income, tax deducted or collected at source under Chapter XVII Part B/BB, and losses under 'Income from house property' in Form No. 12BAA for computing tax deduction at source under section 192(1); consequential amendments are made to rule 21AA, Form 10E, Form 16 and Form 24Q to reflect these reporting and withholding changes.
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Tax deduction at source reporting: new Form 12BAA lets employees supply non-salary income and TDS/TCS details to adjust withholding.
The Income-tax Rules, 1962 are amended by inserting rule 26B and Form No. 12BAA to allow an assessee to submit to the payer details of non-salary income, tax deducted or collected at source under Chapter XVII Part B/BB, and losses under "Income from house property" in Form No. 12BAA for computing tax deduction at source under section 192(1); consequential amendments are made to rule 21AA, Form 10E, Form 16 and Form 24Q to reflect these reporting and withholding changes.
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