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Form 16 New Rule From this year, there are certain new rules for Form 16. “All allowances and perquisites in detailed format have to be mentioned in Form 16 from now on along with that standard deductions are also to be mentioned in Form 16,” informs Heena. Remember, in the last year budget, the finance minister had re-introduced Standard Deduction of Rs 40,000 ( for AY 2019-20) in lieu of annual medical reimbursement of Rs15,000 and Rs 19,200 of annual transport allowances Another important change is in the Form 24Q which is a quarterly statement of deduction of tax in respect of salary for the quarters of the financial year and is to be filed by the employer. The new rule asks the employer to show “Proper salary bifurcation has to be provided from now on while filing it in the last quarter, says Heena. Although this rule is not directly for employees, the employers, however, need to ensure that to ensure generation of accurate TDS certificate in Part B of Form No. 16, t...