ITR filing .. Important change in Form 16 .. Taxpayers receiving salary

Salary employees will receive Form 16 for the financial year 2024-25 by June 15. Due to the implementation of the budget announcement, this year Form 16 will have many major changes. ITR form is an important document for employees who receive a salary of 16. This includes three major changes.

other income

Generally in Form 16, tax deed on source (TDS) is excluded from the salary of the employee. This time with new change, Form 16 will cost TCS details on TD and some spending on income from other resources. This is only possible when you submit Form 12BBA to your employer. Employees who receive salary will amend how much tax is based on TDS and TCS details on their other income resources.

Rose to Rs 75,000

Government has given Rs. Has increased standard exemption from. If you choose a new tax system in such a situation, you will get a discount of Rs 75,000 under standard deduction on TDS reduction in Form 16. If you change from the new tax system to the old tax system, Rs. Only 50,000 can be claimed.

NPS Country

According to the new tax system, employees can claim a reduction of up to 14 percent of their basic salary under Section 80CCD (2). The employee can claim this exemption on the owner’s contribution to the NPS account. This high reduction will appear in your form 16 only when you choose a new tax system for TDS from salary. However, if the ITR is filed, the tax system will be reduced to new, the decrease will be reduced. If the employee turns to NPS in the old tax system, it is eligible to claim only 10 percent of his primary salary under Section 80CCD (2).