Part B of Form16 is an addition to Part of Form 16 Part A, the employer of Part B must be prepared for his staff and have details of salary breaks, deductions approved under Chapter VI-A If you change jobs in a financial year, you will receive from both employers.
Form 16 should be taken. Here are some of the ones that have been notified to Part B: Detailed pay break in part b. detailed break of exemption allowance under section 10 of Form 16.
Allowance of exemption under Income-tax Act (under VIA in Chapter): The list of exemptions mentioned is as under:
• 1. Exemption for life insurance premium paid under section 80C, contribution to PPF etc. Exemption for Employee's Contribution to Pension Scheme under Section 80CCD (1)
• 4. Exemption for Taxpayer Self-Contribution to Pension Scheme Notified under Section 80CCD (1B) Exemption for Contribution Insurance 6. Exemption for health insurance premium paid under section 80D & 807A.Exemption for interest paid on higher education under section 80E
• 5. Exemption for a grant paid under section 80G
• 6. Section Discount for interest income on savings accounts under 80TTA
# Details required from Form 16 when filing your return With reference to the figure below, you will be able to find specific information for filing an income tax return for the relevant financial year, here (Exemption Allowance 2 under Article 10 (A.Y 2021-22). Discount cut under section under
# Taxable salary
#. Income (or acceptable loss) from the home property reported by the employee paid for TDS
# Other sources of income paid under TDS
# Section 80C Exemption Breakup Section. Section 80C Exemption Sum (Total and Exemption Amount)
# The additional form you need from your Form 16 when filing an annual return due to tax payable or refund is: a. TDS cut by the employer
b. Employer's TAN
c. Employer's pan
d. Name and address of the employer
e. Current assessment year
f. Your (taxpayer's) name and address
g. What are the eligibility criteria for your PAN
As per the rules issued by the Ministry of Finance, Government of India, every salaried person covered under the taxable bond is eligible for Form 16. If an employee does not fall within the prescribed tax brackets, he/she will not need to reduce the source tax (TDS). Therefore, in this case, the employee of the company is not obliged to provide Form 16.
However, nowadays, as a good work practice, many organizations issue this certificate to the employee even in this case because it has a unified image of the individual's earnings and has other additional uses.
Points must be specified when examining Form 16. After a person receives Form 16 from the employer, it is his / her responsibility to ensure that all the details described here are correct.
The PAN number is the most important thing to verify in Form 16 along with verifying the personal details as well as the amount of income and the details of the TDS deducted. If it is mentioned correctly, the HR / Parole / Finance section of the company should be reached immediately and the same should be corrected.
The employee will be provided a revised and updated Form 16 by his employer. In addition to these, in order for TDS to be submitted in the correct pan, the employer has to amend it from the edge by submitting the revised tax return.
