WHAT IS THE INCOME TAX SALARY CERTIFICATE FORM 16 WITH AUTOMATED FORM 16 Part B FOR F.Y.2016-17

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.

Download Income Tax Excel Based Automatic Form 16 Part A&B forF.Y. 2016-17 [ This Excel Utility can prepare at a time 50 employees Form 16 Part A&B]

Download Income Tax Excel Based Automatic 100 employees Form16 Part A&B for F.Y. 2016-17 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B]

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 Form 16 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 Form 16 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 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.

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

Download and prepare at a time 100employees Automated Form 16 Part B for F.Y.2016-17.[ This Excel Utility can prepare at a time 100 employees Form 16 Part B with all amended Tax Section for F.Y.2016-17]

Download and prepare at a time 50employees Automated Form 16 Part B for F.Y.2016-17.[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with all amended Tax Section for F.Y.2016-17]

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Benefits of Form 16 TDS Certificate with Automated Form 16 for the Financial Year 2016-17 & Assessment Year 2017-18

Form 16 is a TDS Certificate issued by the employer deducting the TDS while making payment to an employee. As per the Income Tax Act, every employer at the time of payment of Salaries shall deduct TDS at the average rate of income tax computed on the basis of the Income Tax Slab Rates in force for that financial year in which the payment is made on the estimated income of the assessee.

The TDS so deducted by the employer is to be deposited with the Income Tax department and after depositing the same, the employer issues a TDS Certificate containing all particulars of the tax so deducted and deposited in Form 16. It is issued by the employer after the end of the year. As per the Income Tax (Sixth Amendment Rules), the last date for issuance of Form 16 by an employer to his employee is 31st May of the next year.

Only the TDS Deducted from Salary is reflected in this form and TDS Deductions from any other Income are reflected in Form 16A/ Form 16B.

Components of Form 16

Form 16 is a very simple and easy to understand form which states the Salary (and its related components) paid by an employer to his employee and the income tax deducted thereon.

On the basis of Form 16, a taxpayer can easily file his income tax return  form without the help of a Chartered Accountant. There are various income tax return forms for different category of income earners. For taxpayers earning income from Salary and/or House Property and/or Capital Gains and/or Other Sources, they can file ITR 1/ ITR 

Form 16 is divided into 2 parts: Part A & Part B.

PART A OF FORM 16

PIRCTURE OF FORM 16 PART A

Part A of this type of TDS Certificate consists of details like:-

• Name, PAN Card No. & Address of the Employee
• Name, PAN No., Address & TAN No. of the Employer
• The Assessment Year for which the TDS has been deducted.
• Summary of Salary paid and the TDS deducted and deposited with the govt.
• Acknowledgement No. of the TDS Payment deposited with Govt.

PART B OF FORM 16

Part B of this type of  TDS Certificate consists of details like:-

PIECUTE OR FORM 16 PART B

§                    Detailed Salary particulars like House Rent Allowance, Leave Travel Allowance, Leave Encashment, Gratuity, Pension, Deductions claimed like PPF, Tax Saving FD, National Saving Certificate etc

1. The Total Income and the Total Tax on Salaries thereon
2. Education Cess and Surcharge if any
3. Tax Deducted under section 192(1A)
4. Balance Tax payable/tax refundable

This TDS Certificate also contains a declaration at the end that the person deducting the tax has deposited the same with the Central Govt. This statement may either be manually signed or digitally signed. An extract of a specimen copy of Form 16 is shown below:-

Form 16 in case of Job Change

In case you have changed your job during the year, you are required to collect this form from both the previous employer as well as the new employer as you would be filing your Income Tax Returns on the basis of your Form 16.

When you join any new organisation, you should furnish your TDS details from the previous employer to the new employer. You would also be required to furnish Form 12B to the new employer

Furnishing the TDS Details issued by the previous employer would help the current employer in deducting the tax accordingly. Although furnishing these details is not mandatory, if you do not mention these details to your current employer, then you are liable to yourself compute the total income from both the employers and calculate your tax liability accordingly. (Only applicable in the year of job change)

BENEFITS OF FORM 16

1.                 This TDS Certificate contains all particulars and details of the TDS deducted and deposited. Although a copy of this TDS Certificate is not required to be furnished at the time of filing of Income Tax Return, the details mentioned in Form 16 are required to be furnished in the Income Tax Return.

2.                 This TDS Certificate is the most powerful proof of the Income of an Individual and the fact that the tax has been paid thereon. Banks heavily rely on this TDS Certificate to assess the Income of an Individual at the time of Home Loan application and require any Home Loan applicant to furnish his Form 16

3.                  

Download Below given Automated Form 16 for the Financial Year 2016-17

One by One Preparation Form 16 Part A&B and Part B for FY 2016-17 One by One Preparation Form 16 Part B for F.Y.2016-17	DOWNLOAD DOWNLOAD
Master of Form 16 Part B ( Prepare at a time 50 employees Form 16 Part B for FY 2016-17)	DOWNLOAD
Master of Form 16 Part B ( Prepare at a time 100 employees Form 16 Part B for FY 2016-17)	DOWNLOAD
Master of Form 16 Part B with 12 BA ( Prepare at a time 50 employees Form 16 Part B + 12 BA for FY 2016-17)	DOWNLOAD
Master of Form 16 Part A&B ( Prepare at a time 100 employees Form 16 Part A&B for FY 2016-17	DOWNLOAD
Master of Form 16 Part A&B ( Prepare at a time 50 employees Form 16 Part A&B for FY 2016-17	DOWNLOAD

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