Taxexcel: Automatic Income Tax Form 16 Part B for F.Y.2015-16

Tuesday 3 May 2016

TDS Form 16 Part B will be issued by the persons responsible for deducting tax at source. When TDS is deducted it's important to issue TDS certificate so that the payee knows how much tax he has paid. Many institutions and individuals may not issue TDS certificates, unless you ask for the same. Therefore, it's important that you ask for the TDS certificate, so you know exactly how much tax has already been paid and deposited with the government.

1) Download Automated Form 16 Part B forF.Y.2015-16 which can prepare at a time 50 employees Form 16 Part B

2) Download Automated Form 16 Part B For F.Y.2015-16 which can prepare at a time 100 employees Form 16 Part B

3) Download Automated Form 16 Part A&B forF.Y.2015-16 which can prepare at a time 100 employees Form 16 Part A&B

4) Download Automated Form 16 Part A&Bwhich can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16

An example

Let's say you have a fixed deposit that gives you an interest of Rs 11,000. Now, the bank would deduct Rs 1100 on this amount, so your tax deducted at source would be Rs 1100. It's necessary for the bank to issue a TDS certificate for Rs 1100. It informs you that tax has been deducted from your fixed deposit and the same has been paid to the government.

Now, if your income is not more then Rs 2.5 lakh, you can get back the Rs 1100 deducted, when you file your income tax returns.

Of course, nowadays it is possible to view how much TDS has been deducted online. However, there maybe many individuals who are not net savvy. For them getting a TDS certificate and calculating their own tax liability would be better.

If you do not want TDS to be deducted and your income is below the threshold limit of Rs 2 lakhs, you can submit form 15G or 15H, so the bank/companies would not deduct TDS.

The government has from this budget onwards made it compulsory for deduction of TDS even on real estate transactions. This means that if you sell a property in excess of Rs 50 lakhs you now have to pay TDS.

In any case remember that collecting a TDS certificate is important and giving one, if your the deductor is also important.

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Wednesday 2 March 2016

What’s form 16 ? Why Form 16 needs to each employees :-

Form 16 is a document which is issued by the employer to employee certifying the details of salary one has earned during the year and the amount of TDS deducted.

Form 16 is a proof of income and tax deduced by the employers. It is needed for the purpose of filing returns.

It’s mandatory to file the income tax returns by 31st July of every financial year ,in case of salaried assessees. In order to file the ITR, it is necessary to have the Form 16 document, issued by employer.

Form 16 consists of complete details related to salary paid by the employer of the assessee along with necessary adjustments for income tax.

Form 16 contains the details of tax deducted and the bank where the deducted tax is deposited into the central government account. Generally This certificate is issued at the end of the financial year.

Download Income Tax Form 16 Part B for F.Y.2015-16 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part B ]

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

Parts of form 16 :

1) Part – A :

This part contains details like

1. Name and address of employee

2.Name and address of employer.

3.Details of TAN

4.Details of PAN

5.Details of Employment

6. Details of TDS Deducted

7. Details of bank in which TDS is deposited.

2) Part – B :

This part contains the information related to employee’s total income and tax like

1.Salary paid

2.Details of income from other heads

3. Deductions allowed

4.Tax payable.

More than One Form :

if you have worked in two different organization in a single year then you have to collect two different Form 16s from the two employers in order to file the IT returns.

Revised form 16 :

After obtaining the form 16 from the employer assessee has to cross check the figures in the form 16 with the income statement submitted by him to his employer for TDS purpose.

If there are any mistakes like some deductions might not have been considered and some deductions u/s 80 might not be taken into account. In such case one has to consult his employer and and request for Revised form 16 after correcting all the details in the form.