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The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. The amended form will come into effect from May 12, 2019. This means the income tax returns for financial year 2018-19 will have to be filed on the basis of revised Form 16. Form 16 is a certificate issued by employers, giving details of employees' TDS (tax deducted at source) usually by mid June and is used in filing I-T returns. Here's the revised Form 16 form 16, income tax Click on image to see the revised Form 16 The move is aimed at stricter scrutiny of claims made by assessees to check tax avoidance or evasion. The Income-tax Act, 1961 requires every employer to issue a certificate giving details of salary along with the tax deducted at source (TDS) of each its employee in Form 16. It will also include segregated information rega...

If you have changed jobs in the last financial year, filing income tax returns can be tricky. You will have two Form 16s — one each from the new and previous employer. For the new employer to consider the income and deductions of the previous employer, the employee needs to provide details in the prescribed format by filling up Form 12B. If you have not done it, you will need to compare the two Forms and compute the total income, deductions and tax liability. Every employer gives to its employees Form 16, which have details of such income received, the tax that was deducted at ... Read Complete Article