CBDT revised Form No. 12BA (Read Notification)

CBDT revised Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/2021-Income Tax and which shall come into force from 1st April 2021 onwards.
Key points of the amendments are:

1️⃣Form 12BA has been revised to include additional reporting by the employer which included the details of –
(a) Contribution by employer to recognized provident fund, pension scheme of Central Government or approved superannuation fund in respect of the assessee, to the extent it exceeds seven lakhs and fifty thousand rupees under section 17(2)(vii) of Income Tax Act and also annual accretion by way of interest, dividend etc. to the balance at the credit of fund and scheme;

(b) Stock options (ESOP) allotted or transferred by an employer being an eligible start-up;

(c) Stock options (non-qualified options) other than ESOP

2️⃣Part B of Form No.16 has been revised to include details as to whether the option to pay tax at lower rate for an Individuals or HUF’s u/s 115BAC is exercised or not.

3️⃣Annexure II of Form 24Q has been revised in order to insert a column where the employer would be required to answer that whether the employee is opting for taxation u/s 115BAC or not.
For further details and substituted Forms please refer the notification released by CBDT (Central Board of Direct Taxes).

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