Applicability of Income Tax Form 12BA With Automated Income Tax Form 16 Part B with 12 BA for F.Y. 2019-20 in new format
This
is submitted along with Form 16. Your income tax details are mentioned in Form 16 while Form 12BA has details regarding the perquisites given to you by your company. Form 12BA is only an additional document to be provided specifically for perquisites.
Details on salary paid, bonuses & commission, monetary & non-monetary benefits are included in Form 12BA.
Details
on dearness allowance which does not enter computation of
superannuation or retirement benefits of concerned employee, employer’s
contribution to provident fund, exempt allowances, the value of perquisites,
payments which are specifically excluded from being considered as
perquisites, lump-sum payments received at the time of termination of
service or superannuation or voluntary retirement such as gratuity,
severance pay, leave encashment, voluntary retrenchment benefits,
commutation of pension and similar payments are excluded in Form 12BA.
The
Income Tax Act has defined rules for calculating the correct financial value of these perquisites. The value of these payments is represented in Form 12BA and also the amount that is taxable for the individual employed for availing these perquisites. Thus, Form 12BA is an additional form that employees receive from their employer in addition to Form 16. ‘Value of Perquisites u/s17(2) of the Income Tax Act’ is already included in Part B of Form 16.
Note:
Form 12BA is required to be issued even in the absence of any
perquisite is given to an employee. This is important as an employer can
mention in Form 12B that no perquisites have been given to a respective
employee.
Download And Prepare At a Time 50 Employees Automated Income Tax Form 16 Part B with Form 12 BA (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B with Form 12 BA 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 with 12 BA ( 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 with 12 BA
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
7) Automated Income Tax Form 12 BA
No comments:
Post a Comment