CBDT has notifies mandatory to download of Part A of Form No. 16 (Salary Certificate) from the TRACES Portal with Automated Form 16 Part B for FY 2013-14
Income Tax Notification Number 11/2013 Dated 19/2/2013 about mandatory to download the Form 16 Part A from the TRACES POSTAL.
Click below to download Form 16 Part B for the Financial Year 2013-14
- One by One Preparation Excel Based Form 16 Part B
- Master of Form 16 Part B ( This can prepare at a time 60 employees Form 16 Part B)
- Master of Form 16 Part B with 12 BA ( This can prepare at a time 50 employees form 16 Part B)
- Master of Form 16 Part B with 24Q & 26Q( This Can prepare at a time 50 employees Part B with 24Q & 26Q
The Form 16 recently notified had two parts – Part A and Part B. Part A contains details of tax deducted and remitted and Part B contains details of income. The Central Board of Direct Taxes (CBDT) has now notified that Part A of Form 16 containing the Unique Identification Number will be issued by the employer by generating and subsequently downloading the same from the TRACES2 (TDS Reconciliation Analysis and Correction Enabling System) Portal.
Key Requirements
Employer to download Part A of the Form 16 from the TRACES Portal and authenticate the correctness of the contents mentioned therein before issuing to the employee. Part B of the Form 16 will be prepared manually and issued to the employee after due verification. Part A and B can be either digitally or manually signed.
Form 16 to be issued by the employer containing both Part A and B by 31 May 2013. Form 16 issued in the manner prescribed and containing Unique Identification Number will only be considered to be valid.
The Director General of Income-tax (Systems) will specify procedure, formats and standards for downloading Part A of Form 16 and will be responsible for the day to day administration.
To download the Part A of the Form 16 from the TRACES Portal, the employer will have to register itself with the TRACES portal. For registration with the TRACES Portal and downloading the Form 16, the authorised signatory signing the Form 16 must have a PAN. In absence of a PAN, the Form 16 cannot be downloaded from the TRACES Portal. This could create a practical difficulty where authorized signatory of the foreign employer does not have a PAN in India.
It is pertinent to note that Part A of the Form 16 downloaded from the TRACES Portal would contain the same details as reflecting in the Annual Tax Credit Statement (Form 26AS) of the employee. This initiative will help in reducing the discrepancies in the TDS amounts as per the Form 16 issued by the employer and the details reflecting in the Form 26AS of the employee.
Considering that the due date to file the quarterly return in Form 24Q for Quarter 4 is 15 May 2013 and the due date to issue the Form 16 is 31 May 2013, a question arises how quickly CPC will process the quarterly statements to enable the correct details to be reflected in the Form 16 to be downloaded from the TRACES Portal.
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