Income tax revised form 16 Part B generate for the F.Y.2020-21 in Excel. If you are a salaried employee, you must have heard the term TDS. This is basically a tax deduction for the source. If your salary is eligible for TDS deduction, you will bring 16 forms at some point in your career. Form 16 is basically a certificate issued by an employer confirming the deduction of TDS in respect of salary and payment for the authority on behalf of the employee. The form is to be received on an annual basis from the hiring staff.
Form 16 is one of the pre-requisites for filing income tax returns in India and it helps to greatly simplify the process of filing returns.
You may also, like- Automated Income Tax Revised Form 16 which can prepare One by One Form 16 Part A&B and Part B as per the new and old tax regime
Form 16 consists of two parts: Section A and Section B. As mentioned earlier, Form 16 will be published every year, on or before June 15 of the following year, the financial year in which the tax is deducted.
Form 16 comes under Section 203 of the Income Tax Act and also known as Salary TDS Certificate, Part A of this form acts as proof of tax paid.
Form 16: Part A.
Part of Form 16 serves as proof of tax paid by the individual during the financial year. Part A of the form was created by the employer through the A Tracks portal. Taxpayers and PAOs (Pay and Accounts Office) can view and create the form.
In Part 1 of Form 16 of the form Trace portal homepage
If you change jobs in one financial year, all employers will publish a separate part of Form 16 for the duration of the job. The elements of Section A of Form 16 are:
Number of testimonials
Name and address of the employer
Employee name and address
Deductor's Tan
Employee pan
Employee reference number (if provided)
Income Tax Commissioner (TDS) Address. The assessor of the exemption must provide an address authorized by the Income Tax Commissioner (TDS) regarding the TDS statement.
With the year of assessment with the organization and the time of employment
Source Summary of the amount paid/deposited and the amount deducted in case of employee according to source
You may also, like- Automated Income Tax Revised Form 16 which can prepare One by One Form 16 Part B as per the new and old tax regime
Details of tax deductions and deposits in the accounts of the Central Government through the coordination of books
Details of tax deductions and deposits in the accounts of the Central Government through Chalan invoices
Form 16 Part B
Form16 is basically an addition to Part 1, if you change employment (s) in a financial year if you want to get a certificate B from all employers or just from the end, then it is entirely your choice. The employer is part of Form 16 The components of B are as follows:
The employee's taxable salary
Tax applicable duty exemption and (tax saving investment) and other investment projects under section 80cc, 80ccd, 80d, 80e, 80g.
The sum of all discounts is deducted from taxable income
• Scholarship and earnings details
Tax The amount of total tax payable and TDS deducted by the employer
Ross is the final amount based on the total income, which will be calculated on the basis of taxes
• Tax payable or refundable
You may also, like- Automated Income Tax Revised Form 16 which can prepare at a time 50 Employees Form 16Part B as per the new and old tax regime
Form 16: How to download?
1 The certificate enclosed in the form is usually issued to the employee by the employer. The form reflects total earnings and applicable taxes. You can also download the Income Tax Department form online website.
As mentioned above, it is the responsibility of the owners to provide the employee form. But for some reason, you can download the form from the Income Tax Department website which will take you to the TRACES PORTAL.
Step 1: Navigate to the Tracks portal
Step 2: Select the entity type from the taxpayer
Step 3: Login using your credentials
Step 4: Go to Downloads
Step 5: Select Form 16
Step: Enter the pan and other relevant details and click Go to Download
The purpose of Form 16
Tax Income Tax Returns - The form is used primarily. The form contains all the details related to income and hence it becomes a necessary document for ITR filing.
Fiction Verification - Formal 16 can be used to verify the actual income tax levied by the TDS deductor and the government. TDS discounts are provided in Form 16 and can be cross-verified using the actual ones in Form 26.
The amount of 16 forms matches the 2AS AS form with the account deposited by the government
