Several changes have been
made in the format of the TDS certificate for the Assessment Year 2019-20, the
new format of Form 16 will allow the
Income Tax Department get a detailed break-up of the income and tax breaks
claimed by a salaried person at the first instance itself. Moreover, if there
is any discrepancy between the income and deductions shown in TDS certificate
and the ITR filed by the taxpayer, it will be quite easy to spot it. This new
format is likely to help the department digitize cross checking of figures too,
as it takes away the leeway that companies earlier had in providing the
break-up of income and deductions and fixes the format for providing necessary
details.
