Govt extends deadline for filing TDS returns for Jan-Mar is 31 May

Date Extends 31 May,2019 For Q4

The government has extended the due date of filing tax deducted at source (TDS) returns under GST laws for the Jan-Mar period till May 31, 2019. As per the Income Tax Department notification number 36/2019 dated April 12, 2019, the format to furnish the TDS statement for Form 24Q Quarter 4 has been revised. The new format is applicable with effect from May 12, 2019 onwards.

The Return Preparation Utility (RPU) supporting the new format as well as the File Validation utility (FVU) will be hosted and available for download on TIN website from May 12, 2019 onwards.

All the deductors are here by requested to use the appropriate file format as well as software to prepare and validate the statement before submitting at TIN FC.

There are many change in the file format for Form 24Q Quarter 4

Changes In 24Q

As per the Income Tax Department notification 36/2019 dated April 12, 2019 the file format for Form 24Q Quarter 4 has been revised. The new format is applicable from May 12, 2019 Onwards.

 Important Information regarding revised Form No. 24Q Annexure-II.

As per “CBDTs Notification 36/2019”, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The Notification shall come into force w.e.f. 12th May’2019.

The Form 16 and 24Q have been amended to make them more elaborative and informative. The same has been done to bring the Forms in parity with latest changes made in ITR Forms such as disclosure of deductions and exemptions. This will ensure that Form 16 shall be in conformity with the IT return forms making it easy for the taxpayers to file their Income tax returns.

Changes/ New requirements in Form No. 24Q Annexure-ll

Revised Form 24Q seeks more details on salary paid or credited during the year. Also furnishing of Lender’s PAN is mandatory in the cases where housing loan is taken from a person other than a Bank/ Financial Institution/ Employer. New format requires the tax deductors to furnish following additional information-

1. Detailed break-up for exempt Income u/s 10–

a. Travel concession or assistance u/s 10(5)

b. Death-cum-retirement gratuity u/s 10(10)

c. Commuted value of Pension u/s 10(10A)

d. Cash equivalent of leave salary encashment u/s 10(10AA)

e. House rent allowance under u/s 10(13A)

f. PAN of landlord, if exemption is claimed u/s 10(13A)

g. Amount of any other exemption u/s10

2. Section-wise disclosure of deductions u/ Chapter VI-A (viz. Sec 80C, 80CCC, 80CCD (1), 80CCD (1B), 80CCD (2), 80D, 80E, 80G, 80TTA etc.)

3. Deductible limits will be applicable as per deductions under Chapter VI-A.

4. Rebate under section 87A (If Applicable)

5. Standard deduction u/s 16(ia) as introduced by Finance Act, 2018.