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Showing posts with label Automated Income Tax Form 16 Part B for F.Y. 2015-16. Show all posts
Showing posts with label Automated Income Tax Form 16 Part B for F.Y. 2015-16. Show all posts

Thursday, 5 May 2016

Form 16 is an income tax form. This form is used to give the details of tax deducted at source. The form 16 is only applicable for salaried individuals. The form is filled by the employers and given to the employee. The employer gives details of tax deduction in this form. It is proof of tax deduction as well. The employee who has paid tax through the employer must get the form 16. The form 16 has many information such as your income details, the applicable exemption, availed deductions and tax payment challan details. The form 16 is used to fill information while filing income tax return.

Download Automated Form 16 Part B for F.Y.2015-16 & A.Y.2016-17 [ This Excel based Software can prepare at a time 50 employees Form 16 Part B]

·                                 Every salaried Employee gets Form 16 from the employer.
·                                 The employers are bound to give form 16 to its employee.
·                                 The form 16 is like a receipt of tax deduction.
·                                 The employer deduct tax from the employee and deposits it to the the income tax department. The form 16 maintains transparency and assures that employer has deposited tax on your behalf.
·                                 Form 16 has all the details of your income, exemptions and deductions. It is an account of your income and applicable tax.
·                                 It gives challan details of taxes paid on your behalf.
·                                 The form 16 is issued every year after the end of a financial year.

Why Form 16 is Required

A person who is employed with an organisation gets monthly salary. Such salaried person do not pay income tax directly to the government. Rather the employer deducts tax from the salary of the employee. The employer deposits this tax on your behalf. Now you may ask following question to your employer.
·                                 How can you say that I am under taxable bracket. what is the basis of tax deduction?
·                                 How did you calculate my tax liability?
·                                 How would I know that your have really paid tax on my behalf?
·                                 Did you consider my investments for tax deductions?
·                                 What is the challan details of my tax deducted at source?
These questions are genuine and you must get the answer. It is also important for the credibility of government and employer. Thus government has made a provision to give answer of these questions to every employee. You don’t not to ask for it. Rather, every employer should give all the relevant information to its employee.
Indeed government has made a form ( Form 16) which should be filled by the employer. This filled form would give all the details of your income tax applicable taxes. Nowadays this form is directly printed by the employer. Every form 16 contains similar information.

Download Automated Master of Form 16 Part A&B for F.Y.2015-16 & A.Y.2016-17 [ This Excel based Software can prepare at a time 50 employees Form 16 Part A&B]






Importance of Form 16

The form  16 is important for both the employer and employee.
·                                 The form 16 is the main document to  file income tax return. In the income tax return you have to fill the taxable income, deductions and taxes paid. All these information is available at form 16.
·                                 It is the proof of tax deduction by the employer. It can be produced to income tax department if there is any issue in future.
·                                 It is also used as the proof of income. Banks ask forms 16 for home loan sanctions.
·                                 Form 16 is needed while processing visas. It is an important certificate for acquiring Income Tax Clearance Certificate (ITCC) through IT Department.

Other Points

Form 16 is the certificate of Tax deduction. If there is NO TDS deduction, then it is not mandatory to issue form 16.
 If the organisation does not have the TAN, it can’t deduct TDS. IN this case the organisation would not issue the form 16.
The self employed person can’t get form 16 as he/she is not an employee. Such person should file income tax return with the information available.

Information Form 16 Contains

The form 16 has details about your income, deductions and taxes. Following are the specific information given on form 16.

Download Automated Form 16 Part B for F.Y.2015-16 & A.Y.2016-17 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part B]

Salary

Your employer provides the details of your salary. There would be gross salary, Perks, allowances and other deductibles. It would also tell income chargeable under the head Salaries. This amount is used for tax calculation.

Tax Deducted At Source

The employer deducts tax every month from your salary. But it deposits it to income tax department once in a 3 month. Thus, employer submits tax to the government four times. The details of these tax payment can be seen in the form 16. There would be four entries of the TDS payment. If there is not TDS deduction of first quarter, you would not see any tax payment in the first row. You can verify this tax payment through the income tax department. The form 26AS keeps all the details of tax payment against a PAN.

ax Deductions

There various expenses and investment which gives you the opportunity to cut the tax. These expenses and investments are called as the deductions. Examples of such tax deductions are investment in ELSS, PPF and EPF. These deductions are also part of the form 16. Your employer takes the details of these deduction from you. You would have given your tax saving details in the start of financial year and in the January-February of every year.  You must report all the tax saving deduction to your employer as early as possible. It will decrease your monthly TDS deductions.

Other Income

You can have income other than the salary. It may be other income, rental income or capital gains. The home loan interest is also a negative income. The employer don’t have any direct relation with such income but you can report it to the employer. It would make your tax deduction more accurate. If you report it to the employer, It is also entered in the form 16. Indeed all the information which affects your tax deductions become part of form 16.

Structure of Form 16

The form 16 is divided into two parts, the part A and Part B.

Part A of Form 16

The part A of the form 16 consist basic information about the employer and employee. It also includes the tax payment details. You would find following information in Part of A of form 16.
·                                 TDS deducted by the employer
·                                 PAN of the employer
·                                 The current financial assessment year
·                                 The employee PAN
·                                 TAN of the employer
·                                 The employee/tax payer’s name, address etc
·                                 Name and address of the employer
·                                 Period of the employement
·                                 Receipt number of TDS deducted
·                                 Declaration by the employer

Part B of The Form 16

The part B of the form 16 contains all the details about your salary. It tells about gross salary, perks, exemptions and deductions. You would get following information on part B
·                                 Gross salary of the employee
·                                 Perquisites
·                                 Exempted Allowances
·                                 Other income if reported by the employee
·                                 Deductions under chapter VI A. It includes deductions under section 80C, 80CCC, 80CCD. The EPF, PPF, ELSS, NSC, insurance and tuition fees expense is reported under this head.
·                                 Total taxable income
·                                 Due income tax
·                                 Payable tax or refund, if any

How to Get the Form 16?

The form 16 is issued by the employer. The employer issue this form after the end of the financial year. Every employer must give form 16 on time as employee fill their income tax return on the basis of form 16. Generally Form 16 is distributed in May and June month. You have right to get the form 16 if there is any tax deduction from your salary.

Use of Form 16 While e-Filing

The e- filing for salaried people has become very easy. The form 16 becomes the backbone of e-filing of ITR-1. All the sensitive information required to enter in ITR-1 is available in the form 16.
Therefore you might have observed that CA asks only form 16 to file your income tax return. From the TAN of the employer to tax deductions of employee, everything is available on the form 16. The information about your salary is authentic in the form 16 because none other than your employer fills the form 16. You must take out the amount of net taxable income, tax paid details and deduction from the form 16 to file income tax return.

However, you should be careful about the deductions. You might have missed some deduction while giving declaration to the employer. If it is the case, you must include the missed deduction while filing income tax return.

Saturday, 30 April 2016

Under Section 203 of Income tax Act, 1961, Every employer whether in Government sector or in private sector, is required to issue in form 16, a certificate for tax deducted at source  (TDS) from salary. This Excel based automatic form 16  can be used both by companies or non companies for issue of form 16 to their employees.

Tuesday, 22 March 2016

Section 80C [Deduction upto Rs 1.5 Lacs]
1. Life Insurance Premium - Any sum received under Life Insurance Policy (except keyman insurance policy) along with bonus is exempt from tax if premium was payable as per aforesaid restriction. However amount received on death of insured is exempt in all cases (except keyman insurance policy).

Click here to download the Automatic Form 16 Part B for F.Y.2015-16 [ This Excel Utility can prepare One by One Income Tax Form 16 Part B ]


Click here to Download the Automatic Income Tax Form 16 Part A&B and Part B for F.Y.2015-16 [ This Excel Utility can prepare One by One  both of Form 16 Part A&B and Part B for F.Y.2015-16]

2. Deferred Annuity Contract (Self, Spouse, Child) (LIC/Other insurer notified by central
government)

3. Contribution to
   a. RPF (employee) / SPF (Government employee) / PPF(Self, Spouse, Child)
   b. Approved Super Annuation Fund (Employee)
   c. ULIP of UTI (Self, Spouse, Child) / LIC-MF (Self, Spouse, Child)
   d. Pension Fund setup by MF/NHB (Lock in period: 5 years)
   e. Pension Fund setup by LIC or Other insurer (80CCC), setup by Govt (80CCD)
   f. Sukanya Samriddhi Yojna Account
   g. Senior Citizen Saving Scheme 2004 (SCSS)

4. Subscription to
   a. National Saving Certificate
   b. Mutual Fund units
   c. Equity Share/Debenture of Public Co. or Public Financial Institution approved by CBDT
       (Lock in period: 3 years)
   d. Notified bonds of NABARD

5. Deposits
   a. Deposit Scheme of National Housing Bank
   b. Notified deposit scheme of
        i. Public Sector Company providing finance for house
       ii. Authority of housing, development etc.
   c. Post Office Saving Bank 10/15 year A/c
   d. Post Office 5 year Time Deposit A/c
   e. Senior Citizen 5 year Saving A/c
   f. 5 year FD A/c with scheduled Bank under scheme of central government

6. Residential house property
    a. Amount spent in purchasing/constructing (Lock in period: 5 years)
    b. Stamp duty and registration charges

7. Tuition fees of 2 children to University/College/School in India

Section 80D [Medical Insurance Premium for Individual/ Hindu Undivided Family]
For Individual:
· Purpose
     1. Keep in force health insurance for self, spouse, dependent children
     2. Preventive Health Checkup of self, spouse, dependent children
     3. Contribution to Central Gov Health Scheme
     4. Keep in force health insurance for parents of individual
     5. Preventive Health Checkup of parents of individual

· Expenditure allowed
    1. Rs. 25000 for self, spouse, dependent children (wherein expense on preventive health
        checkup shall not exceed Rs. 5000)
   2. Rs.30,000 for parents in case of a senior

Section 80E [Interest on Loan for Higher Education]
     · Interest on Loan for Higher Education (after 12th) of self/ spouse/ children
     · Deduction is available for 8 years beginning from the year in which payment of interest on the loan                begins

Section 80EE [Interest on Loan for Residential House]
    · If an individual who does not own any other residential property on the date of sanction of     loan
    · took loan during 1/4/13 to 31/3/14 not exceeding Rs. 25 Lac
    · for buying house worth Rs. 40 Lac or less
    · deduction can be claimed for interest payment of Rs. 1 lac
    · from incomes of years 13-14 and 14-15 in totality.

Section 80TTA [Interest earned on Saving A/c]
       Upto Rs. 10000 interest earned on deposit in saving bank account (not time deposit/ FD) is
      allowed to be deducted from taxable income

Thursday, 17 March 2016

Wednesday, 24 February 2016

The time is now prepare the Income Tax Salary Certificate Form 16 Part B for the Financial Year 2015-16 and Assessment Year 2016-17. This Form 16 Part B must be given to the employees by the employer within April-2016, so the employee can fill the Income Tax Return to the Income Tax Department for the Financial Year 2015-16.
As per the CBDT Notification that the Form 16 Part A is mandatory to download from the Traces Portal ( www.tdscpc.gov.in), and the Form 16 Part - B must be prepare by the Employer/Deductor. In this regard this time is the end of the Financial Year 2015-16 and must be prepare the Form 16 Part B by the Deductor or Employer of Govt and Non-Govt Concerned.

Some of the Concerned have not able to download the Form 16 Part A from the Traces Portal, either they have no Internet Connection or they have no concept how to Download the Form 16 Part A from the Traces Portal. So they can used the New Amended Form 16 format Part A and B both, although the CBDT is clearly mentioned that the Manual Form 16 Part A can not be accepted.

Below given the Automated Excel Based Income Tax TDS Certificate Form 16 Part B for the Financial Year 2015-16, which can prepare and calculate the actual Income Tax as per the Finance Budget 2015-16. Also given below the Form 16 Part A and B both ( Who have not able to download the Form 16 Part A from the Traces Portal). 
Feature of this Excel Utility :-

  • Automatic Calculate the Income Tax liability after filling some salary data.
  • Automatic Prepare at a time 100 employees Form 16 Part B for F.Y.2015-16
  • Automatic Prepare at a time 50 employees Form 16 Part B for F.Y.2015-16
  • Automatic Prepare at a time 100 employees Form 16 Part A &B for F.Y.2015-16
  • Automatic prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16
  • Automatic Convert the Amount in to the In-Words 
  • All the Amended Income Tax Section have in these Excel Utility
  • Easy to fill and easy to install in any computer
  • This Excel Utility can Use both of Govt and Non-Govt Concerned
  • For more Income Tax Form 16 or Income Tax Software visit http://www.taxexcel.net

1) Download 100 employees Master of Form 16 Part B for F.Y.2015-16 ( Prepare       at a time 100 employees Form 16 Part B)

2) Download 50 employees Master of Form 16 Part B for F.Y.2015-16 ( Prepare         at a time 50 employees Form 16 Part B)


3) Download One by One Form 16 Part B for F.Y.2015-16 ( This Utility can               prepare One by One Form 16 Part B)

4) Download 100 employees Master of Form 16 Part A&B for F.Y.2015-16 (               Prepare at a time 100 employees Form 16 Part A&B)


5) Download 50 employees Master of Form 16 Part B for F.Y.2015-16 ( Prepare         at a time 50 employees Form 16 Part A&B)


6) Download One by One Form 16 Part A&B and Part B for F.Y.2015-16 (                 Prepare One by One Form 16 Part A&B and Part B)

More details about any Income Tax Software you can visit http://www.taxexcel.net