CBDT Notifies Income-tax (Eighth Amendment) Rules, 2024: Introduction of Form 12BAA and Key Changes to TDS/TCS Reporting

By: Admin
October 16, 2024
Categories: CBDT Notification | Notification And Circular
4 Min Read

The Central Board of Direct Taxes (CBDT), through Notification No. 112/2024 dated October 15, 2024, introduced the Income-tax (Eighth Amendment) Rules, 2024.

Key Highlights:

The amendments focus on Tax Deduction at Source (TDS) and Tax Collection at Source (TCS), particularly under section 192(2B).

Rule 21AA now refers to section 89 (removing subsection 89(1)).

Rule 26B is updated to allow taxpayers to report income apart from salaries, TDS, and TCS through Form 12BAA.

New Form 12BAA:

This new form captures details of income from other sources and losses under house property, helping to compute TDS under section 192 more accurately.

Changes to Other Forms:

Updates to Form 10E, Form 16, and Form 24Q to incorporate new columns for TDS and TCS reporting under section 192(2B).

These modifications ensure correct TDS computation and facilitate the documentation and reporting of taxes deducted or collected at source across different income categories.

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