Income Tax Form 16 amended
The CBDT has amended Form 16, the certificate of tax deduction issued for income from salaries.
++ As there is no standard deduction now, the column for standard deduction is omitted
++ Consequential amendments to serial numbers
++ For Column 9, deductions under Chapter VIA, sections 80C, 80CCC and 80 CCD are specified
++ A note is given that deduction under Section 80C shall not exceed one lakh rupees
++ And the aggregate amount deductible under the three sections, i.e., 80C, 80CCC and 80CCD, shall not exceed one lakh rupees
++ Item No. 13 – Rebate under Chapter VIIIA is replaced with surcharge as there is no more rebate.
++ Sl. No 14 – aggregate of taxes is replaced with education cess.
NOTIFICATION NO. , Dated: March 9, 2006