Download Form 16
1. Fundamentals of Form-16
As we discussed above, Form-16 is a certificate that is issued by the employer until June 15, after the end of the financial year. Form-16 has two parts: part A and part B.
Note. If an employee loses the Form-16, he may request a duplicate of the Form-16.
2. Part A of form 16
Using the TRACES Portal (https://www.tdscpc.gov.in/app/login.xhtml), an employer can create and upload a TRACES Form-16. Before issuing a certificate, the employer must cross-check the contents of Form-16. Please note that if you change jobs during the financial year, your employer will issue a separate Form-16 Part A for the period of employment. The main components of Part A of Form16 are:
Name and address of the employer
TAN of the employer
TAN of the employer
PAN of the employee
Confirmed tax amount deducted and filed quarterly by an employee
Download Automated Income Tax Form 16 Part B for the Financial Year 2021-22(This Excel Utility can prepare One by One Form 16 Part B)
3. Part B of form 16
Form 16 Part B is an attachment to Part A. Also note that if you change jobs between fiscal years, you can request Form 16 Part B from both your employer and former employer. The main components of Module 6, Part B are:
Detailed pay break
Detailed break in exempt allowances u/s 10
An income tax deduction is permitted under the chapter VI-A of the Income Tax Act.
Here are the fields that are notified about deductions:
A life insurance premium paid, PPF contribution, etc., U/S 80C
Contribution to PF U/S 80C
Employee's contribution to pension fund Under Section 80CCD (1)
Taxpayer's Contribution to a U/S 80CCD Claimed Retirement Scheme (1B)
Employer's contribution to a pension fund U/s 80CCD(2)
A medical insurance premium is paid in the amount of Rs.25000/-.
Interest on a loan taken for higher education U / S80E
Total donations to specific foundations or charities U/S 80G
Savings account interest U/S 80TTA
Download Automated Income Tax Form 16 Part A&B for the Financial Year 2021-22(This Excel Utility can prepare One by One Form 16 Part A&B)
4. Form 16 data required for tax filing.
Here is a list of details that you need to take from form-16 to file a tax return:
Benefits exempted under Section 10
Violation of U/S deductions 16
Income from the boss's salary
Eligible income/loss from employee homeownership offered for TDS
Input from other sources offered for TDS
Section 80C Breach of Deductions
Section 80C Cumulative Deductions
Due refund or tax payable
Other information that can also be used when filing an ITR
Amount of TDS withheld by the employer
Employer's TAN data
Name and address of the employer
Employer PAN data
Current assessment year
Name and address of the taxpayer
TIN of the taxpayer
Download Automated Income Tax Form 16 Part B for the Financial Year 2021-22(This Excel Utility can prepare at a time 50 Employees Form 16 Part B)
Enter your name (taxpayer), address and TIN. You can also find additional information about your employer on Form 16 when filing your annual return, such as:
TDS is held by the employer
TIN of the employer
TIN of the employer
Name and address of the employer
Current assessment year
Your personal number
Download Automated Income Tax Form 16 Part A&B for the Financial Year 2021-22(This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B)
What is the eligibility criterion for Form 16?
Under the rules issued by the Ministry of Finance of the Government of India, any employee whose income falls under the tax bracket can apply for a Form 16.
If the employee's income is outside the established tax limits, the tax does not need to be deducted at source (TDS). Therefore, in these cases, the company is not required to provide Form 16 to the employee.
However, these days, as a good work practice, many organizations issue this certificate to an employee because it contains a summary picture of a person's income and has other additional features.
What to Look for When Testing Form 16
Once a person receives a Form 16 from their employer, it is their responsibility to ensure that all details are correct.
You must check the details on Form 16, such as the amount of income, TDS deducted, etc.
If any of the details are incorrect, you should contact your organization's HR/Payroll/Finance department immediately and have the same corrected.
The employer will then correct their termination by filing a revised TDS application to credit the TDS amount against the corrected PAN. After processing the revised TDS return, the employer issues an updated Form 16 to their employee.
Download Automated Income Tax Form 16 Part B for the Financial Year 2021-22(This Excel Utility can prepare at a time 100 Employees Form 16 Part B)
FAQ
How to get from 16?
Your employer gives you Form 16 | Even if you quit your job, your employer will provide you with Form 16.
I don't have a form 16. How do I file a declaration?
While this is one of the most important forms of income tax, don't worry if you don't have one. You can file a tax return.
If TDS is not deductible, should the employer issue a Form 16?
A Form 16 TDS certificate is issued when the TDS has been issued. If your employer has not deducted TDS, they may not provide you with Form 16.
Can the employer write off the TDS and does not issue a certificate?
Any person responsible for paying wages must deduct TDS before making payment. The Income Tax Law states that any person who deducts TDS from a payment must provide a certificate with the TDS data deducted and recorded. In particular, the employer is required to provide a certificate in form 16.
Download Automated Income Tax Form 16 Part A&B for the Financial Year 2021-22(This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B)
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