CBDT Notifies New Form 12BAA Incorporating Details of Tax Deducted or Collected by Others

Notification No. 112/2024, dated 15-10-2024

The Finance (No. 2) Act 2024 has amended sub-section (2B) of Section 192 to allow the employer to consider any tax deducted or collected under the provisions of Part B or Part BB of Chapter XVII of the Act.

To incorporate the amendment, the Central Board of Direct Taxes (CBDT) has amended Rule 26 of the Income Tax Rules, 1962 and notified the new Form 12BAA, which is to be submitted to the employer to deduct tax on salary income. This new form incorporates the amendments brought by the Finance (No. 2) Act, 2024, permitting the credit of all taxes deducted or collected in the employee’s name.

This new form seeks information relating to TDS, TCS and loss under the head “Income from house property”. The TDS/TCS section enlists details such as

• Section under which tax deducted/collected at source
• Name, address and TAN of the deductor/collector
• Amount of tax deducted
• Amount of income received/credited

Consequential changes have also been made in Part B of Form 16 and Form 24Q.

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