The Central Board of Direct Taxes has released the Income-tax (3rd Amendment) Rules, 2021 and has amended Form 12BA Statement which will now show particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof. This Form will be applicable from the 1st day of April 2021. Read the official notification below:
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 11th March, 2021
G.S.R. 170(E). - 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) 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.
(Revised Form No. 12BA has been provided in the below mentioned attachment)
Notes:
1. Salary includes wages, annuity, pension, gratuity (other than exempted under section 10(10), fees, commission, bonus, repayment of amount deposited under the Additional Emoluments (Compulsory Deposit) Act, 1974 (37 of 1974), perquisites, profits in lieu of or in addition to any salary or wages including payments made at or in connection with termination of employment, advance of salary, any payment received in respect of any period of leave not availed (other than exempted under section 10 (10AA), any annual accretion to the balance of the account in a recognised provident fund chargeable to tax in accordance with rule 6 of Part A of the Fourth Schedule of the Income-tax Act, 1961, any sums deemed to be income received by the employee in accordance with sub‐rule (4) of rule 11 of Part A of the Fourth Schedule of the Income-tax Act, 1961, any contribution made by the Central Government to the account of the employee under a pension scheme referred to in section 80CCD or any other sums chargeable to income-tax under the head 'Salaries'.
2. Where an employer deducts from the emoluments paid to an employee or pays on his behalf any contributions of that employee to any approved superannuation fund, all such deductions or payments should be included in the statement.
3. Permanent Account Number of landlord shall be mandatorily furnished where the aggregate rent paid during the previous year exceeds one lakh rupees.
4. Permanent Account Number of lender shall be mandatorily furnished where the housing loan, on which interest is paid, is taken from a person other than a Financial Institution or the Employer.”.
[Notification No. 15/2021/F.No. 370142/04/2019-TPL]
ANKIT JAIN,
Under Secy. (Tax Policy and Legislation)
To download the full notification and Revised Form 12BA, find the enclosed file
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