Download Automated Income Tax Form 16 Part A&B and Form 16 Part B for F.Y.2018-19 And what is a the New Modified by the CBDT Form 16 design since F.Y.2016-17

Form 16 is an endorsement issued to salaried people from their boss when he deducts assess from the representative pay. In basic words, it is an affirmation which expresses your deducted expense has been saved with the salary impose office.

Frame 16 is a vital record that is issued as per the arrangements of Income Tax Act,1961. A shape 16 contains subtleties of the measure of duty deducted at source (TDS) on compensation by your manager alongside the pay separation for the budgetary year. More or less, one might say that Form 16 is authentication of verification of the TDS deducted and stored by your manager.

Who issues Form 16

Pay Tax Law, commands the business who holds TAN no and deduct assess on the pay of representative to issue Form 16. On the off chance that your expense isn’t being deducted, your manager can decline to issue Form 16 to you.

At the point when Form 16 is to be issued?

It must be issued by fifteenth June of the year for which it is being issued. For instance, for the F.Y. 2017-18, the due date for issue of Form 16 will be fifteenth June 2018.

On the off chance that any business postponements or neglects to issue Form 16 by the predetermined date, at that point he is subject to pay a punishment of Rs.100 every day till the date the default proceeds.

How to comprehend Form 16?

Understanding and figuring out how to fill shape 16 is extremely basic. It is separated into two areas Part An and Part B.

Section A:

This piece of Form 16 is issued by the legislature. It demonstrates quarter-wise subtleties of your expense stored with the legislature. The subtleties referenced in Part An are as per the following:

Download Form Master of Form 16 Part A&B for F.Y. 2018-19 [ This Excel Utility Can Prepare at a time 50 Employees Form 16 Part A&B for F.Y. 2018-19] ( Who are not able to download Form 16 Part A from the TRACES Portal, they can use this Excel Utility)

Part B:

This part demonstrates the point by point calculation of Income, based on which charge is being determined and deducted by your boss. It contains the separation of the compensation earned by you, different conclusions, exceptions (assuming any) and the expense calculation in the wake of considering every one of the things based on current duty chunk rates. The subtleties referenced in Part B are as per the following:

A measure of Gross Salary

(1)Exemptions and Allowances Considered

(2)Deduction – Entertainment Allowance and Tax on Employment

(3)Income chargeable under the head Salary

(4)Any Other Income announced by worker

(5)Gross Total Income

(6)Deductions under Chapter VI-A(80C, 80D, 80E and so on)

(7)Total Income

(8)Tax on Total Income

(9)Education Cess

(10)Tax Payable

(11)Relief under segment 89, assuming any.

(12)Tax Payable

(13)Verification of the previously mentioned subtleties by the business. (14)

Download Automated Master of Form 16 Part B for Financial Year 2018-19 [ This Excel Utility can prepare at a time 100 Employees Form 16 Part B for F.Y. 2018-19]

 How does the Form 16 process function? 

According to the methodology set somewhere around the Income Tax Department, the individual deducting your assessment documents come back with the administration. Along these lines, The TDS passages get refreshed in the division’s database once your boss documents the TDS return. The last date to store the TDS for the period of March is April 30. The TDS return for the last quarter (Jan to March) is to be documented most recent by 31st May. After the TDS return is documented, it takes 10 to 15 days to mirror the passages in the division’s database. 

At that point after, your manager downloads the Form-16 and issues it to you. 

For what reason do I require Form 16? 

Shape 16 is a vital archive as it: Serves as a proof that legislature has gotten the expense deducted by your boss; 

It aids the way toward documenting your salary expense form with the Income Tax Department. Numerous banks and budgetary foundations request Form 16 for confirmation of the individual’s certifications while applying for credits. 

Download Automated Income Tax Form 16 Part A&B for the Financial Year 2018-19[ This Excel Utility Can Prepare at a time 50 Employees Form 16 Part A&B for F.Y. 2018-19] ( Who are not able to download Form 16 Part A from the TRACES Portal, they can use this Excel Utility)

 How do get Form 16? 

Frame 16 is issued by your boss and you can anticipate it before the finish of May/June. In any case, on the off chance that it’s not issued before the finish of June, you may request it from your boss. By and large, the records or HR office issues Form 16. 

I lost my Form 16, what would it be a good idea for me to do? 

Frame 16 is the most vital report for you to record your salary expense form and you should save this archive cautiously. Be that as it may, on the off chance that you’ve lost it, don’t freeze, check your mail whether it has been messaged to you by your boss or not. On the off chance that it’s not sent to you on your email, you can essentially ask for your boss to issue a duplicate of Form 16. 

Is Income Tax Return and Form 16 same? 

No, a Form 16 isn’t comparable to an Income Tax Return yet it’s the source record for your compensation payment. It is extremely useful, particularly in the event that your whole pay is from compensations and there is no other wellspring of salary. Further, you don’t have to connect your Form 16 with your salary assessment form. 

I haven’t gotten any Form 16 from my boss; do despite everything I have to document my salary assessment form? 

On the off chance that your Gross Total Income surpasses 2,50,000 [for F.Y. 2017-18] then it is compulsory to record pay government form. Your manager is obligated to issue shape 16 just when he has deducted impose from your pay. On the off chance that your manager does not deduct impose and your salary surpasses as far as possible at that point regardless of whether you don’t have frame 16, you are required to document the return of pay. 

Download Automated Master of  Form 16 Part B for the Financial Year 2018-19 [ This Excel Utility can prepare at a time  50 Employees Form 16 Part B for F.Y. 2018-19] 

I haven’t gotten Form 16, how would I ascertain my Salary Income?

In the event that you haven’t gotten a Form 16, with the end goal of return recording, you should allude to your compensation payslips, bank articulations, assess sparing speculation verifications, home, and instruction credit authentications and Form 26AS and so forth to document pay government form. While payslips contain subtleties of your pay like fundamental compensation and remittances, Form 26AS contains the subtleties of all your assessment deducted and impose paid.

Form 26 AS can be seen/downloaded from the Income Tax Department’s online entryway i.e.

For instance, Ms. A was working with XYZ Ltd. what’s more, she didn’t get any Form 16. In such a case, she counseled specialists and they determined the pay based on her regularly scheduled payslips which demonstrated an essential pay of Rs. 30,000 every month. It likewise had subtleties of transport remittance of Rs. 2,000 every month. Further, she had her home credit declaration, due to which she was permitted a derivation of Rs. 50,000 from her salary. Subsequently, the last determined salary of Ms. Tania would be determined as pursues:

Essential Salary = 30,000 x a year = 3,60,000

Transport Allowance = 2,000 x a year = 24,000 however subject to an exclusion of Rs. 1600 every month.

In this manner, 400 x 12 = 4,800 is assessable.

Consequently, the Taxable Income [after deducting the fundamental exclusion limit] of Ms. Tania will be Rs. 64,800 (3,60,000 + 4,800 – 2,50,000 (essential exception) – 50,000 reasoning for home credit).

My manager has deducted impose from my compensation, yet neither did he issue me a Form 16 nor does my Form 26AS demonstrate any such reasoning sections?

In such a case, where your manager deducted assess from your pay, however, you are not ready to follow such conclusion in Form 26AS, at that point it might happen that your boss has deducted the expense from your pay yet has not stored the equivalent in the credit of the Government account. Also, in such a case, you should pay the full measure of expense while recording your salary assessment form. Additionally, you should promptly convey this issue or default to the notice of your manager.

Download One by One Prepare Income Tax Form 16 Part A&B and Form 16 Part B for F.Y. 2018-19 

Need a CA to safeguard you out of this circumstance?

I need to guarantee a conclusion under Chapter VI/different exceptions/recompenses in my pay expense form which isn’t in my Form 16? Would be able to do it?

For a situation where your manager issues you a Form 16 with no conclusions, you can even now guarantee the finding in your salary expense form. Shape 16 is only a declaration issued by your manager which ensures derivation of duty (TDS) on your compensation. It’s only a base report for return documenting and not simply the last return. You can generally take the advantage of the reasonings you are qualified for while documenting your pay assessment form regardless of whether the equivalent is not referenced in your Form 16.

Our specialists state “recall forget to check whether the House Rent Allowance exclusion has been taken in Form 16 or not (in case you’re qualified for it). It is normally either not reflected or determined at wrong esteem particularly on account of various businesses amid the year. In such an occasion, you yourself can ascertain it and take the exception of same while recording your salary assessment form.”

My Form 16 is off base, what would it be advisable for me to do?

On the off chance that, where a Form 16 is appropriately issued yet with an error, at that point the equivalent can be corrected by your boss on your demand. Consequently, an amended Form 16 will be issued to you by your boss.

I exchanged my activity amid the year, by what means would it be a good idea for me to document my arrival now?

It is especially workable for you to change your activity amidst the year, however, then you might ponder who will issue Form 16.

In the event that, you had two bosses for the year, you will get Form 16 from both the businesses for the individual months served by you. The pay expense form will be documented by joining the subtleties of both the Form 16s. Yet, you should be watchful in doing as such on the grounds that it may happen that both your previous and present business has determined your assessment in the wake of taking into the thought the essential exception limit. In such a case, you are not qualified to take the advantage of exception limit twice, yet just once.

The equivalent applies to all conclusions and stipends amid the year, as any finding/remittance can be guaranteed just once or according to the particular principles of the salary charge law regardless of whether it is reflected in both the Form 16’s.

For instance, suppose, in the year 2017-18, you worked with an organization X Pvt. Ltd. for a time of a half year for a compensation of Rs. 45,000 every month and for the rest a half year you joined Y Ltd. for Rs. 50,000 every month. In such a case, you draw a compensation of Rs. 2,70,000 from X Pvt. Ltd. also, Rs. 3,00,000 from Y Ltd. Presently, both the organizations X Pvt. Ltd. what’s more, Y Ltd. will deduct your duty afterthought of the essential exclusion limit (i.e. Rs. 2,50,000/ – ) just and your Form 16 will be founded on the equivalent. This implies X Pvt. Ltd. will charge assess on the parity Rs. 20,000 and Y Ltd. will charge impose on Rs. 50,000.


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