What
is Form 16?
Income Tax Form 16
is a certificate from your employer. It certifies that TDS has been deducted on
your salary by the employer. If an employer deducts TDS on salary, he must
issue income tax Form 16 as per tax rules of India
Download Master of Form 16 Part B for Financial Year 2015-16 & Ass Year 2016-17 ( This Excel based Software can prepare at a time 50 employees Form 16 Part B for F.Y.2015-16)
Understanding
Form 16
One of the most
important income tax form is Form 16. It contain most of the information you
need to prepare your income tax return in India
Form 16 Part A has
- Name and address of the employer
- TAN & PAN of employer
- PAN of the employee
- Summary of tax deducted & deposited quarterly,
which is certified by the employer
- Assessment Year
- Period of employment with the employer
- Form 16 Part A must be generated and downloaded
through Traces portal
- Part A of the Form 16 also has a unique TDS
Certificate Number.
Form 16 Part B has
- Detailed breakup of salary paid
- Deductions allowed under the income tax act (under
chapter VIA)
- Relief under section 89
- If you have held more than one job during the
year, you’ll have more than one Form 16.
- Part B is prepared by the employer manually and
issued along with Part A.
Form-16 Part
B / Annexure / Salary Statement
When you fill your I-T Return, you need to enter the following details.
1 Taxable
Salary
3 Aggregate of
Section 80C Deductions
(Gross & Deductible Amount)
5 Tax Payable
or Refund Due
2 Breakup of
Section 80C Deductions
4 TDS (Tax Deducted at Source)
Form-16 Part A / Traces
Form-16
When you fill your I-T Return, you need to enter the following details.
1 TDS Deducted
by Employer
3 PAN of
Employer
5 Current
Assessment Year
7 Your PAN
2 TAN of
Employer
4 Name and
Address of Employer
