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.
