Notification No.: Notification no. 112 /2024
Notification Date: 15th October 2024
Relevant Act : Income Tax Act, 1961
Relevant Rule:
Relevant Rules:
The Central Board of Direct Taxes (CBDT) issued Notification No. 112/2024 on October 15, 2024, amending the Income-tax Rules, 1962.
Key changes include revisions to Rule 21AA, which now aligns with “section 89” instead of “section 89(1),” and updates to Rule 26B, allowing taxpayers to report non-salary income and tax deducted at source via the new Form No. 12BAA.
Additionally, Forms No. 16 and 24Q have been modified to incorporate deductions as per Form No. 12BAA, streamlining tax compliance and enhancing clarity for taxpayers and deductors.
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