Quick Summary
The Central Board of Direct Taxes (CBDT) has released Draft Form No. 138, introducing a structured quarterly statement for deduction of tax at source (TDS) under sections 392 and 393(1) of the Income-tax framework. The proposed form aims to enhance transparency, standardization, and accuracy in reporting salary payments and specified senior citizen income. Applicability of Draft Form No. 138 Draft Form No. 138 applies to: Employers deducting TDS on salary under section 392 Payers deduc
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FAQ :
Draft Form No. 138 is proposed by the CBDT to introduce a structured quarterly statement for reporting Tax Deducted at Source (TDS) on salary payments and specified senior citizen income, aiming to enhance transparency, standardization, and accuracy.
Employers deducting TDS on salary and payers deducting tax on income of specified senior citizens under sections 392 and 393(1) respectively are required to file this form.
The form must be filed quarterly for the periods ending June, September, December, and March. The March quarter filing includes additional annual details.
Annexure I requires deductee-wise (employee/senior citizen) details, including their PAN, name, section code, date of payment, amount paid, total tax deducted, and reasons for any lower or higher deduction.
Annexure II, filed with the March quarter statement, provides a comprehensive annual computation of salary, including gross salary, perquisites, deductions, tax computation, and reconciliation of TDS.
Key implications include increased data reporting, mandatory PAN reporting for landlords and lenders in certain cases, a stronger reconciliation framework, and greater responsibility on employers and banks for accurate reporting.
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