By Admin 
Form-16: The season of filing income tax returns for financial year 2024-25 has started. The last date for filing returns was 31 July, but now the deadline has been increased to 15 September 2025. Form-16 will also be received by the salary employees by June 15 to fill the returns. However, it will see some major changes this year.
This change will be seen in Form-16
Form-16 is a very important document, which contains complete information about your salary and your tax paid. This makes ITR filing easily easily and the possibility of mistakes is also less. This time, in the new format of Form-16, the details of TDS (Tax Deed at Source) and TCS (Tax Collecting at Source) charged on income on income from second source and some special expenses. However, this will happen only when you have submitted Form 12BBA with your employer.
What is Form 12BBA?
In October last year, the Central Board of Direct Taxes (CBDT) issued Form 12BBA. In this, tax reports are made on the purchase of fixed deposits, dividends on equity share, insurance commission, car or foreign currency. The employer will then cut TDS from salary on this basis. Although Form 12BBA was earlier also, but earlier it was allowed to give information about investments made to save tax like LIC, HRA or Home Loan, etc.
From October 1, 2024, the law came into force to tell the employer about TDS and TCS cut from other sources of income or TCS cut during any major expenses. This will adjust the TDS and TCS in lieu of total tax deduct from the salary of Employee and will deduct less TDS than before.
There will be so much discount under standard deduction
Apart from this, this year, the government has raised the exemption under Standard deduction under the new Income Tax Regime during the budget to Rs 50,000 to Rs 75,000. In such a situation, if you have also chosen a new tax regime, then Form-16 will get a discount of Rs 75,000 under TDS deduction.
Under Section 80 CCD (2) in the new tax regime, employees can claim a cut of their original salary up to 14 percent. This deduction can be claimed at the employee’s contribution in the employee’s National Pension System (NPS) account.
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