Taxexcel: who is responsible to give the Form 16

Wednesday 25 June 2014

This is the common demand regarding issuing of Form-16 by the Employer to Employee, even if Employer not deduct any Tax from drawn salary. What shall happen when Employee want's his Salary Certificate Form-16 for the same year. In such situation Employer is liable to issue Form-16 to each and every who have already hold the PAN Card.

However your employer must issue a salary Certificate Form 16 who are already hold the PAN Card as per the Income Tax Instruction. Income Tax Certificate (Form-16) is applicable to such employee who have submit his Income like as salary or other income (any amount) not deducted or not, during current Financial Year. If the Employee deduct any amount of Tax during Financial Year, Form-16 must be issued to Employee u/s. 203 of Income Tax Act.

As per the Reserve Bank of India has already circulate to the all Nasalized Bank for issuing the form 16 to the Pension Holder.

This Salary Certificate is most important to PAN Holder who have working in any sector, any employee who’s Tax not Payable or not fall in to the Income Tax Slab, but he is get the Form 16 as his/her proof of Income, which is need for various purpose.

When any employee willing to get the Bank Loan from any Bank of Branch, the respective Bank asking the Salary Certificate Form 16 as he fall the Tax Slab or not. But the Bank’s requirement the Salary Certificate for giving the Bank Loan either he/she can not be able to get the Bank’s Loan.

Given below the Automated Form 16 Preparation Excel Based Software for the Financial Year 2013-14 and Assessment Year 2014-15

1) Click here to download Automatic Form 16 Part A&B and Part B ( This utility Can prepare One by One Form 16)

2) Click here to download Master of Form 16 Part A&B ( This Utility Can prepare at a time 50 employees Form 16 Part A&B)

3) Click here to download Master of Form 16 Part A&B (This Utility Can prepare at a time 100 employees Form 16 Part A&B)

4) Click here to download Master of Form 16 Part A&B with 12 BA(This Utility Can prepare at a time 50 employees Form 16 Part A&B+ 12 BA)

5) Click here to download Master of Form 16 Part B with 12 BA (This Utility Can prepare at a time 50 employees Form 16 Part B+ 12 BA)

6) Click here to download Master of Form 16 Part B (This Utility Can prepare at a time 50 employees Form 16 Part B)

7) Click here to download Master of Form 16 Part B (This Utility Can prepare at a time 100 employees Form 16 Part B)

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Saturday 7 June 2014

Click here to download automatic Excel Based Form 16 for FY 2013-14

Form 16 certificate also known as TDS certificate is a financial statement issued by an office of a salaried employee that contains earnings, deductions and “Income Tax" or "I-T” paid to the Government. This Form-16 certificate (TDS Certificate) must be issued to every employee who comes under “Tax Deducted at Source - TDS”, by his / her employer in the end of each financial year.

All the salaried employees should use Form 16 certificate as a supporting document for I-T Return in India. If you have worked in two different organizations in the same financial year, you must collect separate Form16 certificates from both the organizations in order to submit your I-T Return.

Even if your earnings not come to the barrier of TDS, you are entitled to get the Form16 document or also known as TDS certificate upon request. In some situations like, availing bank loan for house or car etc., bank may ask to submit Salary certificate(link is external) and Form 16 as evidence of your earnings, deductions and net income from the company.

Definition of Form 16 Certificate in terms of I-T Department, Govt. Of India

Form 16 is a Certificate issued to an employee by his officer under section 203 of the Income-tax Act, 1961 for Tax deducted at source from income chargeable under the head “Salary”.

Form 16 certificate must have details of the Tax Deducted at Source (TDS) by the company on behalf of employee.

Tax Deducted at Source: TDS is a tax levy to be retained by a third-party payer (employer or officer who authorized to issue form-16 certificate) over the revenues paid to the person concerned, the tax due in respect of the same income. Tax deducted at source is the normal taxation the income of most of the countries.

Tax-deduction Account Number: TAN is the authorization number that an employer or officer should get from the income tax department prior collecting TDS. It is TAN holder’s responsibility, obtaining TDS from an employee’s salary and the same amount to be paid to the government as collective tax on behalf of its employee.

Employee should use the form-16 certificate for filing the Income Tax (I-T) return every ending of financial year.

Structure of Form 16 Certificate (Tax Certificate)

Now we will look into the format of Form-16 certificate and what are the data to be specifically shown on the Form 16 format structure:

1. First part of the form-16 format requires the primary information about employer (who collected the TDS) and employee. It must have address, designation, PAN, TAN, period of the TDS, Assessment year and acknowledgement numbers of all quarterly statements of the TDS received from I-T department.

2. Second part of the Form-16 template requires the details of the salary paid by the employer, other income reported by the employee and Tax deducted at the source.

3. Third part of Form 16 format shows the details of tax deducted and deposited into I-T Department, Govt. Of India(link is external).

And finally, all the data given in this “Form-16” certificate must certify the issuing officer with signature, date and office stamp

Click here to Download the Automatic Excel Based Form 16 Part A&B and Part B for the Financial Year 2013-14 & Ass Yr 14-15