Form 16 is a document issued by an employer to the employee at the end of a financial year. It contains details of Salary Income and TDS deducted on such income.
Due Date to issue Form 16 of FY 18–19 by the employer to employee has been extended to 10th July 2019
Form 16[1] can be divided into 2 parts:
Part A: TDS related information such as details of deductor i.e. employer, deductee i.e. employee, challan and payment. It can be generated from employer’s account on TRACES website once he files TDS Return.
Part B: Income-related information such as gross salary, allowances, perquisites, deductions, and tax liability. It is generated by the employer on their own. The government has notified changes in the format of Part B of Form 16[2].
Can I get Form 16 without TDS? - YES
When the employee’s total income is less than the exemption limit of Rs.2.5 lacs, the employer is not required to deduct TDS from his Salary.
However, it is possible to generate Form 16 without TDS. In such a case, Form 16 would comprise of Part B only. Part A cannot be generated since no TDS has been deducted and TDS Return has not been filed.
It is easy to file Income Tax Return using Part B of Form 16. Thus, even if the TDS has not been deducted, you can still ask your employer to provide you Part B of Form 16 and file your tax return easily and quickly.
If TDS has not been deducted from Salary, is Form 16 mandatory? - NO
In cases where the employer is not required to deduct TDS from the employee’s salary, it is not mandatory to provide Form 16.
It is easy to file Income Tax Return using Form 16. However, ITR can be filed even without Form 16 if the employee has all the necessary details.
Important:
- Form 16 Part A must be downloaded by the employer only and not by the employee
- Form 16 is a valid income and tax payment proof
- The employee can download Form 26AS from his account on the income tax website. It contains details of all his incomes and TDS deducted on such income
Download And Prepare At a Time 50 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B in New Format for F.Y. 2018-19 ]
The main feature of this Excel Utility:-
1) Prepare at a time 50 Employees Form 16 Part B for F.Y.2018-19 ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part Part B
4) Most easy to install just like an Excel File
5) Easy to Fill all column
6) Automatic Convert the Amount to the In-Words
