What is Income Tax Form 16?
Form 16 is nothing more than a certificate issued by your organization that provides information about the salary you received during the financial year and the amount of TDS deducted from your salary.
In the case, income from your annual salary exceeds the limit of the original tax deduction; then, your employer is asked to deduct TDS from your salary and pay it to the Government of India. Employers provide their employees with 16 forms as proof of filing an income tax return. If your annual income is less than the discount limit, no TDS is deducted from your salary.
Form 16 Part B
Form 16 Part B is issued annually by the Employer containing information on other income, allowance of exemption, arrears of salary, duty payable, etc., which is usually before 15th June of the following year. This immediately follows the fiscal year where the tax is deducted. No need to worry if you lose your 16 forms, you can get a duplicate issued by your employer without any hiring hassle.
Form 16 Part A
Listed below are the critical elements of Form 16 Part A:
Employer information such as Collection Account Number (TAN), Name, Permanent Account Number (PAN), Tax Exemption etc.
Employee Returns to the employee (if any), or the balance of duties payable by the employee.
Name Personal details of the employee, such as full name, permanent account number (PAN), etc.
All information related to payment of tax such as quantity, invoice number, demand draft number, check number etc.
The tax has been deducted as per Section 191A.
Recognition of the total number of taxes paid by the employer.
• Other information such as salary, total salary, net salary, parks, deductions etc.
• Receipt of TDS has been provided.
If you are employed with only one employer in a financial year, that particular employer will publish Form 16 for the entire fiscal year. If you change jobs and are employed with more than one company in a financial year, Formal 16 will be issued to all employers individually for the period for which they were working.
Download and prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21
Main Feature of this Excel Utility is:-
1) This Excel Utility Calculation of your Income Tax as per new and old tax regime U/s 115 BAC.
2) This Excel Utility can prepare at a time 100 Employees Form 16 Part B in a revised format.
3) Automatic Convert the amount into the In-Words without any Excel Formula
4) This Excel utility Prevent the double-entry of employee’s Pan Number automatically.
5) All the Income Tax Section available as per the Budget 2020 as well as the Income Tax Act 1961
6) This Excel Utility has an Option to choose a New or Old tax regime
