Quick Summary
The Central Board of Direct Taxes (CBDT) has released Draft Form No. 130, proposing a new consolidated TDS certificate under Section 395 of the Income-tax Act. The draft form is intended to streamline certification of tax deducted at source on salary, pension, and specified interest income, bringing greater standardisation and reporting clarity for employers, banks, and deductors. The proposed Form 130 will apply to: Salary income taxed under section 392 Pension income Interest income of
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FAQ :
The proposed Form 130 is intended to create a consolidated TDS certificate that streamlines the certification of tax deducted at source on salary, pension, and specified interest income, bringing greater standardisation and reporting clarity.
Form 130 will apply to salary income taxed under section 392, pension income, and interest income of specified senior citizens under section 393(1).
Form 130 is divided into three major components: Part A for Deductor and Payee details, Part B for a summary of tax deducted and deposited, and Part C with detailed annexures based on the nature of income (salary, pension, or interest).
Once notified, Form 130 is expected to reduce duplication in TDS certificates, improve matching with TDS returns, enhance transparency, and lower reconciliation disputes during assessments.
No, Form 130 is currently a draft form, and stakeholders are invited to submit feedback before its final notification.
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