·
Form 16 is an Income Tax form issued under section 203 of
the IT Act for Tax Deducted at Source from an employee’s salary. Form 16
contains a detailed record of every tax deducted from the salary of the
employee by the employer.
·
Form 16 contains all details about salary paid by the
employer, it contains salary structure, salary breakdown and the tax deducted
from the employee’s salary. That’s why it is also called the SalaryCertificate.
Where can I get a Form 16?
In other words, An employer must issue Form 16 to
the employees even if there is no tax deduction from the employee’s salary as
Form 16 carries all the information required by an employee and necessary to
file his/ her income tax returns.
How can I use Form 16 to file Income Tax Returns?
However, In India, the rule for filing
Income Tax is based on The Income Tax Act of 1961 and the Income Tax rules of
1962. Form 16 is issued to verify that the employee’s Income Tax has indeed
been paid. This is the reason why every employer must issue this Form 16 to
their employees if they exceed certain minimum floor limits.
Why is Income Tax Form 16 required?
For instance ,When a salaried
individual realizes the contents of Form 16 then Income Tax Returns filing
become more understandable. With a thorough knowledge of the form 16, an
employee will be able to easily file the Income Tax Return on his/ her own.
Understanding Form 16 is also very important if an individual’s only source of
income is from salary.
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part B (Modified Format) [This
Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for
A.Y. 2020-21]
The
main feature of this Excel Utility:-
1)
Prepare At time 100
Employees Excel Based Form 16 Part B ( 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 B
4)
Most easy to install just
like an Excel File
5)
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6)
Automatic Convert the Amount
to the In-Words
Form
16 has two section, Part A and Part B.
Part A of Form 16 consists of the following:
·
The employee’s name.
·
Address of residence of the employee.
·
The employer’s name and address.
·
Permanent Account Number (PAN) of both the employer and the
employee.
·
Tax Deduction Account Number (TAN) of the employer.
·
Details of the Assessment Year (the year when the tax
liability is calculated upon the income earned the previous year). Example; the
Assessment Years for income earned between 1 April 2015 and 31 March 2016, will
be 2016-17.
·
Details of the employee’s date of joining the company.
·
A summary of the Tax Deducted at Source (TDS) which is paid
on behalf of the employee by the employer.
Part B comprises of numerous details that are needed while
Income Tax Returns Above all.
. In addition,Part B of Form 16 consists of
the following:
·
The amount of salary.
·
The amount of any other income which may be taxable.
·
Details of tax deductions.
·
Details of Gross Income
·
Any deductions made under sections 80C, 80CCC and 80CCD
(always note that the aggregate amount deductible under these three sections
should never exceed Rupees 1 lac).
·
Any deductions under section 80D (health insurance premium),
80E (interest on education loan), 80G (charity donation) etc.
These details are very helpful in assisting the Income Tax
Department to maintain a track of the money flow of the employee and the
employer.
After that,
Uses of Form
16 and its Importance in India Get Details
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
A.Y. 2020-21]
The
main feature of this Excel Utility:-
7)
Prepare At time 50
Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT
Notification No.36/2019 Dated 12/04/2019 ]
8)
All the Amended Income Tax
Section have in this utility as per Budget 2019
9)
You can print individual Form
16 Part B
10)
Most easy to install just
like an Excel File
11)
Easy to Fill the all column
12)
Automatic Convert the Amount
to the In-Words
How to fill Form 16?
Steps to fill Form 16
Part A of Form 16 should be filled with the following
details:
·
Fill in the name and address of the employer.
·
Name and designation of the employee as recorded in the
company.
·
Permanent Account Number of the employer.
·
Tax deduction and account number where the deducted amount
is saved.
·
The employee’s Permanent Account Number.
·
In the CIT (TDS) section enter the office details of Income
Tax Commissioner.
·
Enter the Assessment Year and Period.
·
Mention the taxes deducted in every quarter.
Part B of Form 16 should be filled with
the following details:
·
Enter the Gross salary (the total salary before any
deductions added with prerequisites)
·
Mention the allowance paid by the employer (travel
allowances, house rent allowances etc.)
·
Mention the total income of the salary and the payable tax
amount.
Download And Prepare One by One Automated Income Tax Form 16 Part B (Modified Format) [This
Excel Utility Prepare One by One Form 16 Part B in New Format for A.Y. 2020-21]
The
main feature of this Excel Utility:-
13)
Prepare One by One Excel Based
Form 16 Part B (
Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated
12/04/2019 ]
14)
All the Amended Income Tax
Section have in this utility as per Budget 2019
15)
You can print individual Form
16 Part B
16)
Most easy to install just
like an Excel File
17)
Easy to Fill the all column
18)
Automatic Convert the Amount
to the In-Words
Why should I fill Form 16?
Similarly, Form 16 is required after an
individual files his/ her Income Tax Returns and after the employer files the
Taxes Deducted at Source (TDS) on behalf of the employee. Many institutions
like banks and financers use this document during verification process if an
individual applies for a home loan, car loan, personal loan etc.
FORM 16A
Form 16A is also known as the TDS certificate, as it is
issued to a deductee by the official TRACES website, it can also be issued to
the deductee by a bank after deducting TDS on the income from interest.
TDS form 16A is applicable for the income that is earned
from various sources, other than salary.
Details that are mentioned in Form 16A are similar to the
details that are present in form 26AS. Income Tax Form 16A, is issued
quarterly, whereas Income Tax Form 16 is issued annually.
You can check the status of your TDS certificate Form 16 and
Form 16A, by visiting the official Income Tax e-filing website. In conclusion,
Your Form 16A
must contain the Traces logo and name along with the certificate number. If you
find a Form 16A without these details, you must understand that it can be a
system generated, invalid TDS Form 16A.
Download And Prepare One by One Automated Income Tax Form 16Part A&B and Part B (Modified Format) [This Excel Utility Prepare One by One Form
16 Part A&B and Part B in New Format for A.Y. 2020-21]
The
main feature of this Excel Utility:-
19)
Prepare At time 100
Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT
Notification No.36/2019 Dated 12/04/2019 ]
20)
All the Amended Income Tax
Section have in this utility as per Budget 2019
21)
You can print individual Form
16 Part B
22)
Most easy to install just
like an Excel File
23)
Easy to Fill the all column
24)
Automatic Convert the Amount
to the In-Words
