New Delhi, the 11th March, 2021
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income- tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
- 1. Short title and commencement – (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2021
- (2) They shall come into force on the 1st day of April, 2021
- 2. In the Income-tax Rules, 1962, in Appendix II,
- (i) For Form No. 12BA, the following shall be substituted, namely:–
“FORM NO. 12BA
[See rule 26A(2)(b)]
Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof
- 1. Name and address of employer
- 2. TAN
- 3. TDS Assessment Range of the employer
4. Name, designation and Permanent Account Number or Aadhaar Number - of employee
- 5. Is the employee a director or a person with substantial interest in
- the company(where the employer is a company)
- 6. Income under the head “Salaries” of the employee(other than from perquisites)
7. Financial year - 8. Valuation of Perquisites
| S.NO | Nature of perquisites (see rule 3) | Value of perquisite as per rules (Rs.) | Amount, if any, recovered from the employee (Rs.) | Amount of perquisite chargeable to tax Col. (3) – Col. (4) (Rs.) |
| (1) | (2) | (3) | (4) | (5) |
| 1. | Accommodation | |||
| 2. | Cars/Other automotive | |||
| 3. | Sweeper, gardener, watchman or personal attendant | |||
| 4. | Gas, electricity, water | |||
| 5. | Interest free or concessional loans | |||
| 6. | Holiday expenses | |||
| 7. | Free or concessional travel | |||
| 8. | Free meals | |||
| 9. | Free education | |||
| 10. | Gifts, vouchers, etc | |||
| 11. | Credit card expenses | |||
| 12. | Club expenses | |||
| 13. | Use of movable assets by employees | |||
| 14. | Transfer of assets to employees | |||
| 15. | Value of any other benefit/amenity/service/privilege | |||
| 16. | Stock options allotted or transferred by employer being an eligible start-up referred to in section 80-IAC. | |||
| 17. | Stock options (non-qualified options) other than ESOP in col 16 above | |||
| 18. | Contribution by employer to fund and scheme taxable under section 17(2)(vii). | |||
| 19. | Annual accretion by way of interest, dividend etc. to the balance at the credit of fund and scheme referred to in section 17(2)(vii) and taxable under section 17(2)(viia). | |||
| 20 | Other benefits or amenities | |||
| 21 | Total value of perquisites | |||
| 22 | Total value of profits in lieu of salary as per section 17(3) |
(9) Details of tax,—
(a) Tax deducted from salary of the employee under section 192(1)
(b) Tax paid by employer on behalf of the employee under section
192(1A).
(c) Total tax paid
(d) Date of payment into Government treasury
DECLARATION BY EMPLOYER
I, , s/o ____________ working as_________(designation) do hereby declare on behalf of __ (name of the employer) that the information given above is based on the books of account, documents and other relevant records or information available with us and the details of value of each such perquisite are in accordance with section 17 and rules framed thereunder and that such information is true and correct.
Place
Full Name
Date
Designation
Signature of the person responsible for deduction of tax.”
(ii) In Form No. 16, for Part B (Annexure), the following shall be substituted, namely :-
| Details of Salary Paid and any other income and tax deducted | ||||
| A. | Whether opting for taxation u/s 115BAC? | [YES/NO] | ||
| 1. | Gross Salary | |||
| a | Salary as per provisions contained in section 17(1) | Rs. … | ||
| b | Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable) | Rs. … | ||
| c | Profits in lieu of salary under section 17(3) (as per Form No. 12BA, wherever applicable) | Rs. … | ||
| d | Total | Rs. … | ||
| e | Reported total amount of salary received from other employer(s) | Rs. … | ||
| 2. | Less: Allowances to the extent exempt under section 10 | |||
| a | Travel concession or assistance under section 10(5) | Rs. … | ||
| b | Death-cum-retirement gratuity under section 10(10) | Rs. … | ||
| c | Commuted value of pension under section 10(10A) | Rs. … | ||
| d | Cash equivalent of leave salary encashment under section 10(10AA) | Rs. … | ||
| e | House rent allowance under section 10(13A) | Rs. … | ||
| f | Amount of any other exemption under section 10 | |||
| clause … | Rs. … | |||
| clause … | Rs. … | |||
| clause … | Rs. … | |||
| clause … | Rs. … | |||
| clause … | Rs. … | |||
| g | Total amount of any other exemption under section 10 | Rs. … | ||
| h | Total amount of exemption claimed under section 10 [2(a)+2(b)+2(c)+2(d)+2(e)+2(g)] | Rs. … | ||
| 3. | Total amount of salary received from current employer [1(d)-2(h)] | Rs. … | ||
| 4. | Less: Deductions under section 16 | |||
| a | Standard deduction under section 16(ia) | Rs. … | ||
| b | Entertainment allowance under section 16(ii) | Rs. … | ||
| c | Tax on employment under section 16(iii) | Rs. … | ||
| 5. | Total amount of deductions under section 16 [4(a)+4(b)+4(c)] | Rs. … | ||
| 6. | Income chargeable under the head “Salaries” [(3+1(e)-5] | Rs. … | ||
| 7. | Add: Any other income reported by the employee under as per section 192 (2B) | |||
| a | Income (or admissible loss) from house property reported by employee offered for TDS | Rs. … | ||
| b | Income under the head Other Sources offered for TDS | Rs. … | ||
| 8. | Total amount of other income reported by the employee [7(a)+7(b)] | Rs. … | ||
| 9. | Gross total income (6+8) | Rs. … | ||
| 10. | Deductions under Chapter VI-A | |||
| Gross Amount | Deductible Amount | |||
| a | Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C | Rs. … | Rs. … | |
| b | Deduction in respect of contribution to certain pension funds under section 80CCC | Rs. … | Rs. … | |
| c | Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD (1) | Rs. … | Rs. … | |
| d | Total deduction under section 80C, 80CCC and 80CCD(1) | Rs. … | Rs. … | |
| e | Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B) | Rs. … | Rs. … | |
| f | Deduction in respect of contribution by Employer to pension scheme under section 80CCCD (2) | Rs. … | Rs. … | |
| g | Deduction in respect of health insurance premia under section 80D | Rs. … | Rs. … | |
| h | Deduction in respect of interest on loan taken for higher education under section 80E | Rs. … | Rs. … | |
| Gross Amount | Qualifying Amoun | Deductible Amount | ||
| i | Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G | Rs. .. | Rs. .. | Rs. .. |
| j | Deduction in respect of interest on deposits in savings account under section 80TTA | Rs. … | Rs. … | Rs. … |
| k | Amount deductible under any other provision(s) of Chapter VI‐A | |||
| section … | Rs. … | Rs. … | Rs. … | |
| section … | Rs. … | Rs. … | Rs. … | |
| section … | Rs. … | Rs. … | Rs. … | |
| section … | Rs. … | Rs. … | Rs. … | |
| section … | Rs. … | Rs. … | Rs. … | |
| l | Total of amount deductible under any other provision(s) of Chapter VI‐A | Rs. … | Rs. … | Rs. … |
| 11. | Aggregate of deductible amount under Chapter VI-A [10(a)+10(b)+10(c)+10(d)+10(e)+10(f)+10(g)+10(h)+10(i) 10(j)+10(l)] | Rs. … | ||
| 12. | Total taxable income (9-11) | Rs. … | ||
| 13. | Tax on total income | Rs. … | ||
| 14. | Rebate under section 87A, if applicable | Rs. … | ||
| 15. | Surcharge, wherever applicable | Rs. … | ||
| 16. | Health and education cess @ 4% | Rs. … |
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