As per the CBDT notification, the Form 16 is now two parts, One Part A and other is Part B. Form 16 Part A is mandatory to download from the TRACES Portal and the Form 16 Part B must be prepare by the Employer/Deductor. The Part A easy to download from the www.tdscpc.gov.in  in this Part A have the details of Tax Deduction and Deposited in to the Central Govt Quarterly or Annually. But the Form 16 Part B have the details of employees salary and deduction as per the Income Tax Rules.

      Now it is necessary to prepare the Form 16 Part B or Part A & B both ( Who are not able to download the Form 16 Part A from the Traces Portal ) by the employer. If you have to prepare advance the Form 16 for the Financial Year 2015-16 which will be needs to the end of the Financial Year 2015-16 i.e. March 2016. As end of the  Financial Year 2015-16 will be  knocking the door  and it is mandatory to prepare and distribute to the employees within 31st March 2016. If your concerned have more than 40 employees, you may ready to prepare the Form 16 Part B for the Financial Year 2015-16. Various Concerned have different type of Allowances and Benefits, some benefits may effect & get the Tax Relief from the Income Tax.

On May 26, 2016 by www.taxexcel.net

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Click to download Form 16 Part B for the Financial Year 2015-16 [ This Excel Utility can prepare One by One Form 16 Part B for Assessment Year 2016-17]

 Save Tax through your Spouse

Starting the tax planning with your wife is a good idea not because it saves you tax but woman always loves gifts. You can gift any amount to your wife with no restrictions as wife comes under the definition relative but the taxman is not foolish. The income earned from the amount given as gift to your wife will be clubbed with your income under section 64 and thus does not give you any tax benefit.

So how can you save tax? Simply invest in the tax-free instruments u/s 80C in your wife’s name such as Public Provident Fund (PPF) and Equity Linked Savings Scheme (ELSS).

Click to download 50 employees Master of Form 16 Part B for the Financial Year 2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B]

 Save Tax through Parents

Apart from the health insurance policy, parents can also help you to save some extra bucks from your tax liability.

The best way is to pay them the rent and claim HRA but you should be living with them and your parents shall be the owner of the house. Your parents should also need to file an ITR showing the rental income. It would be ice on the cake if your parents co-owned the house, you can split the rental amount and both of them can separately show the rental income.

The other way is to lend some portion of your money to your parent as well as your parents-in-laws which they could invest and the return would be taxable in their hands. So at one end they are giving interest to you and on the other end they are earning interest. This allows you to lighten your tax burden.

Click to download 100 employees Master of Form 16 Part B for the Financial Year 2015-16 [ This Excel Utility can prepare at a time 100 employees Form 16 Part B]

 Save Tax through Fiancée

Before becoming your life-partner, Fiance can become partner in your tax planning. If she does not have any taxable income or falls in the lower tax bracket than you can transfer some money to her which she can invest and gain money. The income from these investments will not be clubbed with your income as the transfer took place before the marriage.

On December 23, 2015 by www.taxexcel.net

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