Form 16 exemption claims: Keep documents handy as there could be queries

The Central Board of Direct Taxes has notified changes in Form 16. Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.  Earlier, employers were allowed to provide a consolidated figure instead of specifying details of each exemption. In the existing Form 16 (Part B), the employer had an option to provide a description of the exempt allowance. Consequently, every organisation had created different formats as per their requirements. The new Form 16 (Part B) has removed this option to write-down the description of exempt allowances. “N.....

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