The Central Board of Direct Taxes ( CBDT ), vide Notification G.S.R. 639(E) dated 15th October 2024 has introduced new Income Tax Form 12BAA for the employees to report the income other than salaries and the house property losses. The employees have to furnish the TCS details along with the TDS details.
The amendment is called the Income-tax (Eighth Amendment) Rules, 2024 and shall come into force on the date of their publication in the Official Gazette i.e., 15th October 2024. The board has amended the Income tax Rule 26B.
FORM 12BAA
The Form 12BAA is the Statement showing particulars for the purposes of sub-section (2B) of section 192. The new form provides the columns for Details of other TDS and also the TCS.
Under the Details of other Tax Deducted at Source, the following details should be provided:
Under the Details of Tax Collected at Source, the following details should be provided:
The form has also provided the space for reporting the Loss under the head “Income from house property”. It has provided the amount and the details column for reporting the losses. Further, a verification has to be signed by the employee.
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FORM 16
in Form No. 16, in Part B (Annexure-I), in the table, for the row numbered 19 and the entries relating thereto, the following shall be substituted, namely :––
| “19 | Less: Tax deducted at source as per Form No. 12BAA submitted under provisions of section 192(2B) | Rs. | ||
| 20 | Less: Tax collected at source as per Form No. 12BAA submitted under provisions of section 192(2B) | Rs. | ||
| 21 | Net tax payable ( 17-18-19-20) | Rs. “ |
FORM 24Q
in Form No. 24Q, in Annexure II, in the table,––
(i) in column (388), the words and brackets “or deductor(s)” shall be omitted;
(ii) after column (388), the following column shall be inserted, namely:––
| “Amount reported as per section 192(2B), of other tax deducted at source or tax collected at source, other than (388) |
| (388A)”; |
(iii) in column (389), –
(I) after the word “deducted”, the word “/collected” shall be inserted;
(II) after the figures “388”, the figures and letter “+388A” shall be inserted.
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RULE 26B
(b) for rule 26B, the following rule shall be substituted, namely :–
“26B. Statement of particulars of income under heads of income other than “Salaries” or details of tax deducted at source or tax collected at source.––
The assessee may submit to the person responsible for making payment under sub-section (1) of section 192, the details of ––
(a) any income chargeable under any head of income other than ‘Salaries’ received in the same financial year; or
(b) any tax deducted at source or tax collected at source under the provisions of Part B or Part BB of Chapter XVII, for the same financial year; or
(c) loss, if any, under the head “Income from house property” in the same financial year, in
Form No. 12BAA, for the purpose of computing the tax deduction at source under sub-section (1) of section 192.”;
OTHER AMENDMENTS IN THE RULES
Further, In the Income-tax Rules, 1962,––
(a) in rule 21AA, –
(i) in the marginal heading, for the word, figures and brackets “section 89(1)”, the word and figures “section 89” shall be substituted;
(ii) for the words, brackets and figures “sub-section (1) of section 89”, the word and figures “section 89” shall be substituted;
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In Appendix II of the Income-tax Rules, the following amendments have been made to Form No. 10E:
(A) In Form No. 10E: (i) In the heading, the word and figures “section 89(1)” have been substituted with “section 89”. (ii) In Annexure I, against serial number 8, the word and figures “section 89(1)” have been replaced with “section 89”. (iii) In Annexure II, against serial number 12, the word and figures “section 89(1)” have been substituted with “section 89”. (iv) In Annexure IIA, against serial number 12, the word and figures “section 89(1)” have been replaced with “section 89”. (v) In Annexure III, against serial number 12, the word and figures “section 89(1)” have been replaced with “section 89”. (vi) In Annexure IV, against serial number 12, the word and figures “section 89(1)” have been substituted with “section 89”.
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