Download and generate Form 16 Part B and Form 16 Part A and Part B for the fiscal year 2021-22

 Download and generate Form 16 Part B and Form 16 Part A and Part B for the fiscal year 2021-22

Form 16 components

Form 16 is one of the most important forms for employees; it contains all the information on wages paid and withholding taxes.

Form 16 is divided into 2 parts, both equally important, which are listed below:

 

Part A Form 16

Part A of Form 16 provides a summary of the taxes collected by an employer on the pay of an employee on his behalf and paid to the government. This is a guarantee certificate signed by the employer, certifying that he has already filed the TDS deducted from the employee's salary.

Download and Generate at a time 50 Employees Automatic IncomeTax Salary Certificate Form 16 Part B for the F.Y.2021-22

Details to be completed on Form 16, Part A

Part A of Form 16 contains the following data, which must be completed:

 

Personal Information: The personal information of the employee and employer, including the employer's name, address, permanent account number (PAN) and TAN (TAN is the number assigned to the account responsible for deducting and collecting taxes). This data helps the IT department track money movements from employee and employer accounts.

 

Year of assessment: Indicates the year of assessment, or more simply the year in which the taxpayer is required to submit the tax return. For example, for the income generated between April 2020 and March 2021, the valuation year would be 2021-2022.

 

Time Period: The length of time the employee worked for the employer in a given fiscal year.

Download and Generate at a time 100 Employees Automatic IncomeTax Salary Certificate Form 16 Part B for the F.Y.2021-22

 

Summary of wages paid

Tax filing date with the government

Summary of the tax that has been deducted and also filed with the Income Tax Department

 

This part of Form 16 is generated through the Department's Income Tax Track Portal. In addition to the above, it also provides the BSR code of the bank from which payments are made, challan numbers and other specific data for further use.

Part A must be signed manually or digitally by the detractor.

 

Part B of Form16

Part B of Form 16 covers declarations of wages paid, any other income disclosed by the employee to the employer, and things like the amount of tax paid and tax payable. In this part of Form16, the above information is presented in a comprehensive and streamlined manner, showing the income earned by the worker, with various benefits and allowances applicable in a specific format as indicated.

Download and Generate at a time 50 Employees Automatic Income Tax Salary Certificate Form 16 Part A&B for the F.Y.2021-22

 

Details to be completed in part B

Part B of Form 16 contains the following information, which must be completed:

Total salary: The salary structure is further broken down into various components such as house rent, travel allowance, vacation receipts, tips, etc.

 

Exceptions: All applicable exceptions allowed under section 10 of the Income Tax Act of 1961 are listed in this part of the form.

 

Gross Income: This is the sum of the regular salary plus any other income generated or received by the worker through various means such as housing and rent.

 

Details of other sources of income must be provided by the employee to their employer when submitting the investment confirmation.

 

Miscellaneous Paycheck Deductions: Miscellaneous paycheck deductions under section 80C / 80CCC / 80CCD, including contributions to instruments or schemes such as Public Provident Fund (PPF), life insurance, mutual funds, pensions, college tuition, deductions tax for children. for a total amount up to Rs 1,5 lakh.

 

Net Taxable Wage: Various tax deductions are added together in Chapter IV-A and then subtracted from gross income to calculate net taxable income.

Tuition and additional fees, if applicable

Section 87 Discount if and when applicable

Section 89 discount, if any

The total income tax payable on an employee

Tax deduction and tax balance payable or refundable, as applicable

Download and Generate at a time 100 Employees Automatic Income Tax Salary Certificate Form 16 Part A&B for the F.Y.2021-22

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What is a section 87A tax rebate? With Automatic Income Tax Form 16 for the F.Y.2021-22

 What is a section 87A tax rebate? Under the Income Tax Law, all individuals and legal entities are

 required to pay income tax if their income exceeds the income tax threshold. However, income tax

 laws provide for an allowance under section 87A that can reduce net income tax.

 

You can apply for a maximum rebate of up to Rs.12, 500 under section 87A of the Income Tax Act for the fiscal year 2020-21.

 

Section 87A was first introduced by the government in the Treasury Act 2003.

The original maximum tax refund limit under section 87A of the Income Tax Act was Rs.2, 000. Increased to Rs.5,000 in the Union's 2016 budget.

Download and prepare at a time 50 Employees Automatic Form 16 Part B for the F.Y.2021-22 as per new and old tax regime.

The 2017 Union budget raised Rs.2,500 for people whose net taxable income was up to Rs.3,50,000. After the adoption of the Union budget for 2019, the government increased the net taxable income to 5 lakhs. The 87A rebate limit has also been raised to Rs.12,500.

 

What is an income tax refund?

An income tax refund can simply be understood as a form of a tax refund that you receive from the Income Tax Department under certain circumstances. An individual is required to receive a tax credit if they pay more taxes in a financial year than they owe to the government. In order to take advantage of the tax credit, you need to make sure that you accurately calculate your tax liability and file your tax returns within a certain period of time.

 

When was Section 87A introduced?

The Section 87A rebate was first offered in 2013 and has been in effect for several years, most recently updated in 2019. Under the latest provisions of Section 87A, any individual with an annual taxable income of up to 5 lakhs can benefit. from a discount on income tax in the amount of 12,500 rubles. Essentially, this results in persons with an annual income below 5 lakhs being completely exempt from income tax and can actually save on income tax in India.

Download and prepare at a time 100 Employees Automatic Form 16 Part B for the F.Y.2021-22 as per new and old tax regime.

 

Section 87A - Then and Now

Interestingly, the income tax refund offered under section 87A has undergone a number of changes since its introduction in 2013. Recently, in the Fiscal Year, 2018-2019, income tax refund under section 87A 87A was limited to a much lower amount of Rs 2,500. Thus, if your total taxable income exceeds Rs 3.5 lakh and your tax liability exceeds Rs 2,500, Section 87A can no longer serve as a tax exemption for you.

 

Eligibility Criteria for Income Tax Refund Request u/s 87A for the Fiscal Year 2020-21 and Fiscal Year 2019-20

Here are the eligibility criteria for applying for the u/s 87A rebate of the Income Tax Act of 1961:

1. You can only claim the 87A rebate on the total gross tax before adding the 4% health and education tax.

 

2. Only resident individuals may benefit from the relief referred to in Article 87A.

 

3. Seniors (aged 60 to 80) may also apply for a discount under Section 87A.

 

4. Super seniors (over 80), on the other hand, cannot take advantage of the 87A discount.

 

5. The maximum amount you can claim as an 87A rebate must be the cap in section 87A (Rs.12,500) or the gross amount before tax, whichever is less.

 

6. The Section 87A reduction is available for both the old and the new income tax regime. Therefore, you may apply for a rebate under Section 87A for both F.Y2021-22 and F.Y2022-23

Download and prepare at a time 50 Employees Automatic Form 16 Part A&B for the F.Y.2021-22 as per new and old tax regime. 

How is income tax refund calculated?

To calculate the discount:

1) Calculate Gross Income - Sum income from all sources such as wages, capital gains, house rent, and income from other sources.

 

2) Find your net taxable income. Apply Section 80 deductions to your gross income, if applicable.

 

3) For net taxable income equal to or less than 5 lakhs, a rebate may be claimed under section 87A.

 

Three things to consider in section 87A

 

The tax credit offered under section 87A can be a big relief for various citizens across the country. However, here are some points that a taxpayer should keep in mind before thinking about income tax savings in Indiaunder section 87A:

1. This Section 87A tax refund cannot be used by non-resident Indians who are NRIs.

 

2. The benefits of this tax cut are not possible.

Download and prepare at a time 100 Employees Automatic Form 16 Part A&B for the F.Y.2021-22 as per new and old tax regime.

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Income tax Exemption up to INR 5 lakh for first time home buyers | with Automatic Form 16 for Income Tax Part B for the Fiscal Year 2021-22.

 Income tax Exemption up to INR 5 lakh for first time home buyers | The Income Tax Law provides for

 tax deductions for interest and the principal component of a home loan under various sections, as well

 as general tax deductions that a person can receive on a home loan up to 5 lakhs. 

Tax deduction on principal 

Under the 1.5 lakh tax deduction under section 80C income tax, the borrower is entitled to claim the deduction on repayment of the principal home loan. The situation is such that the loan should only be selected through a financial institution that is RBI compliant, or to your employer, which is a central or state government, a public or public sector Company, a university, or a cooperative company.

 

The same deduction will not be available until the construction of the house has started and when you sell the property within 5 years, any benefits granted to you will be added to your income and taxed.

Download and prepare Form 16 for 50 employees Part B for the Fiscal Year 2021-22 at one time in Excel.

 

Interest tax deduction

A deduction of Rs. 2 Lack. The same deduction will only apply after the house is completed. Interest provided during the construction phase will require 5 postage upon completion of construction.

 

Under section 24, under section 80 EEA, another deduction of up to 1.5 lakh on interest is allowed. This compliance has been included in the 2019 Union Budget for Affordable Housing and includes many conditions.

 

The bank must authorize a loan or even banking institutions or even a home finance company between April 1, 2019, and March 31, 2022. And the value of stamp duty on that property or property shall not exceed the limit of 45 lakh Indian rupees without any additional residences owned in the name of the purchaser on the authorized date. commented the tax expert.

 

Nowhere is it said that a mortgage loan chosen for real estate under construction is tax-deductible in accordance with Section 80 EEA or not. Section 80C. Thus, an 80EE deduction may be required if the property is under construction

 

Download and prepare Form 16 Part B for 100 employees for the Fiscal Year 2021-22 in Excel.

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Download Automatic Form 16 Part A&B and Form 16 Part B for the F.Y.2021-22 in Excel

 Download Automatic Form 16 Part A&B and Form 16 Part B for the F.Y.2021-22 in Excel |

 Meaning of Form 16, Form 16A, downloads Form 16 Part B: Form 16 is a key document for

 an employee, especially if the employer has withheld income tax. Form 16 is essentially a

 certificate provided by the employer to the employee, which indicates the amount of tax

 withheld from wages. 

When an employee files a tax return, Form 16 helps you see how much taxes have already been paid and what still needs to be paid. Employers must issue Form 16 to their employees by June 15 of the fiscal year following the fiscal year in which wages were paid and taxes were deducted.

Download and prepare at a time 50 Employees Form 16 Part A&B for the Financial Year 2021-22 as per new and old tax regime U/s 115 BAC

What is Form 16?

Form 16 records tax withheld (TDS) during the year. The employer-deductible TDS is filed with the Department of Income Tax. In addition, Form 16 also shows any additional income claimed by the employee and various deductions that the employee used to reduce the tax burden.

 

Who is eligible for Form 16?

Any employee who has taxable income and tax has been deducted at source by the employer is eligible to receive a Form 16. If the employee's annual income is below the base tax exemption limit, the employer is not required to issue a Form 16. However, if the employer withheld TDS from the employee's monthly income, the employee must provide form 16.

 

Is Form 16 mandatory for employees?

Form 16 must be mandatorily provided by the employer to the employee if the former deducted TDS from the latter's income, since Form 16 is a tax statement that shows all the details of income received and TDS deducted during the year. Form 16 helps an employee file an ITR, especially if the employee has no income from other sources.

Download and prepare at a time 100 Employees Form 16 Part A&B for the Financial Year 2021-22 as per new and old tax regime U/s 115 BAC

 

How to get from 16 Part A? Can I get Form 16 Part A online?

 

Download Form 16 Part A for employees: Form 16 Part A can be downloaded by the employer from the TRACES portal before it is given to the employee. A detailed breakdown of the benefits and benefits received by the employee, along with the standard deduction, must be shown on Form 16. Form 16 consists of two parts, one is Form 16 Part A and the other is Form 16 Part B.

 

What is Form 16 Part A for Employees? Form 16 Part A components:

Part A of Form 16 provides a summary of tax collected on behalf of an employee on wage income and remitted to the public account. The components of the 16 Part A module are listed below:

• Employee and employer personal information: eg employer and person name, address data, PAN data of both (person and employer) together with employer TAN data. The TAN is the number assigned to the account responsible for deducting and collecting tax.

• Assessment Year or A.Y: refers to the year in which income is assessed, which means that this is the year in which the taxpayer must work on tax return procedures. For example, for income accrued between April 1, 2019, and March 31, 2020, the Assessment year would be 2020-21

. Download and prepare at a time 50 Employees Form 16 Part B for the Financial Year 2021-22 as per new and old tax regime U/s 115 BAC

 

• Period of time: the period during which the taxpayer worked for the employer/organization in the fiscal year in question.

• Summary of wages paid to the employee

 

• Date on which tax was deducted from wages

 

• Date the tax was paid into the public account

 

• Summary of deducted taxes and submitted quarterly to the Internal Revenue Service.

 

• TDS payment confirmation number

 

What is Form 16 Part B?

Form 16, Part B, is a consolidated statement containing information about any other income disclosed by an employee of the organization, about wages paid, the amount of tax paid and any tax payable. The components of the 16 Part B module are listed below:

Download and prepare at a time100 Employees Form 16 Part B for the Financial Year 2021-22 as per new and old tax regime U/s 115 BAC

 

• Salary Received: This section shows the employee's overall salary structure. The salary is further divided into various components such as travel allowance (LTA), vacation pay, rental housing allowance (HRA), tips and others.

 

• Allowed Benefits: These benefits are available to employees under section 10 of the Income Tax Act of 1961 for transportation, HRA, and children's education. Even the cost of the hostel, treatment, etc. is mentioned in Form 16 Part B.

 

• Wage deductions: the maximum limit is Rs 1.5 lakh. Under section 80C/80CCC/80CCD, this includes contributions paid for investments such as government pension funds, pension plans, life insurance policies, tax savings mutual funds, Sukanya Samriddhi scheme, and others. Also included are deductions in other sections such as section 80D and section 80E.

 

• Gross income: Gross income is the sum of the total wages received from the employer and any other income claimed by the employee, including income from home or property, etc. At the investment submission stage, the employee must inform the employer of information about other income.

 

• Net taxable wages: total deductions are deducted from gross income to calculate taxable income. The tax burden of the taxpayer is calculated on this amount.

 

• Also included Cess Education and add-ons, Section 87A discount, Section 89 exemption.

 

• Also shown is the total amount of income tax payable, tax withheld, and the balance of applicable tax or refund.

 

Download and prepare One by One Employee Form 16 Part A&B and Part B for the Financial Year 2021-22 as per new and old tax regime U/s 115 BAC

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Download Excel Based Automated Income Tax Form 16 for the Financial Year 2021-22 | With Investment Options for Tax Savings

 Download Excel Based Automated Income Tax Form 16 for the Financial Year 2021-22|  

Pension Fund

This is one of the best investment options to save on taxes. The offered interest rate is 8.5% per annum. The fund cannot be withdrawn for 5 years under certain conditions.

 

Employers typically contribute 12% of base and DA. The employee's contribution is deducted at the rate of Rs. 1.50.000/- pursuant to section 80C of the Income Tax Act 1961. However, the government has amended the Finance Act 2021 to tax contributions paid in excess of Rs. 2.50.000/-. In addition, the interest on this additional deposit is also taxable. It is also stipulated that the contribution paid by the employer to the pension fund, pension fund and pension fund exceeds Rs. 7.50.000 / - in the year under consideration are also taxed along with interest, dividends, etc. for this excess.

Download and Prepare One by One Income Tax Automated Form 16 Part A&B for the F.Y.2021-22

State Pension Fund

This option is usually available to people who are self-employed or outside of PF's remit. The contribution made is allowed as a deduction under section 80C of the Income Tax Act 1961 at Rs. 1.50.000/-. The offered interest rate is 7.1% per annum. Both the proceeds from the redemption and the interest accrued on the instalment paid are exempt from tax. However, investments are subject to blocking for 15 years and can be partially withdrawn from the 7th year.

 

Fixed tax deposits

A deduction under section 80C of the Income Tax Act 1961 is also granted for investments made in Tax Saver time deposits of Rs 1,50,000/-. The maturity of these term deposits is 5 years from the date of the investment. Interest earned on these deposits is taxable and TDS must be deducted accordingly.

 

National Savings Certificate

In favour of the deduction in accordance with Art. 80C also applies to investments made in the National Savings Certificate. As with all other investments, the maximum deduction is Rs. 1.50.000/-. The offered interest rate is 6.8% per annum. Like taxpayer time deposits, interest earned on investments made in a national savings certificate is taxable. However, if the accrued interest is reinvested, it will not be taxed.

Download and Prepare One by One Income Tax Automated Form 16 Part B for the F.Y.2021-22

 

Equity-linked savings scheme

This option offers the highest income compared to other available options. At the same time, it also carries a high risk, as investments are made in mutual funds traded on stock markets. The blocking period for investments made is 3 years or 36 months. When mutual funds are redeemed, any capital gains earned are taxed at a rate of 10%. The maximum deduction amount is Rs. 1.50.000 / - according to section 80C

 

Unit related insurance plans

This is one of the best options available for people who expect a refund along with insurance benefits. It carries less risk than ELSS. Investments may also be deducted under section 80C with a maximum limit of Rs 1,50,000/-. Proceeds payable are also exempt from tax under section 10 (10D). Investments are usually made for a period of 10 years or more.

 

National Pension Scheme Under this scheme, an additional deduction of Rs. 50,000 is expected to exceed the Rs deduction. 1.50.000 provided Art. 80C. This is a good option for those who are planning to set up a pension fund. Because investments are linked to retirement, the investment freeze period lasts until retirement age.

Download and Prepare at a time 50 Employees  Income Tax Automated Form 16 Part A&B for the F.Y.2021-22

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Difference between Old and New Tax Regime | With Auto Calculate Income Tax Form 16 for the F.Y.2021-22

 

Difference between Old and New Tax Regime | ITR filing season has started. This is the first year when you can choose between the old tax system with deductions and discounts and the new tax system without deductions and deductions when you file your ITR. Taxpayers are confused about which one to choose. Let us discuss in detail the features of both regimes.

 

What the new tax system provides

The new tax system option is available to all individuals and HUFs. This is optional. Under the new tax system, income up to Rs 50,000 is taxable at a lower slab rate. 15 lakh compared to the old regime. Under the new arrangement, tax slab rates of 5%, 10%, 15%, 20% and 25% are applicable on each incremental increase. Starting with a basic discount of Rs 2.50 lakh. Total income is 2.5 lakh to 15 lakh rupees.

 

If you choose the new tax system, you will have to give up the various tax exemptions and rebates available under the old regime. Under the new tax system, salaried employees will not be able to receive items such as standard deduction, house rent allowance (HRA), vacation travel assistance (LTA) and even certain allowances for duty.

You may also, like- Automatic Income Tax Form 16 Part A&B and Part B for the F.Y.2021-22[This Excel Utility prepare One by One Form 16]

Various under Section 80C (including various items like EPF, LIP, School Fee, PPF, NSC, ELSS, Home Loan Repayment etc.), 80D (for Health Insurance Premium), 80CCD (1) and 80CCD (1B) (for). Discount available NPS) will not be available to both categories of taxpayers such as salaried and self-employed. You also forfeit the home loan interest claim to set off or bear the loss in the case of self-acquired property as well as abandoned property. Also you will not be able to adjust any of the losses incurred against the current income under the new scheme.

 

Similarly, retired senior citizens cannot claim standard deduction in respect of their previous employment pension. Deductions up to Rs 50,000 under section 80TTB will also not be available for senior citizens for interest from post offices and banks.

How the plan works

 

Since one can claim different exemptions and deductions and the combination of these tax benefits varies greatly from person to person, a comparative calculation chart cannot be given which shows which system is beneficial. However, considering the tax benefits that most taxpayers have to give up, the benefits available under the current regime are more than the benefits of lower tax rates by shifting to the new system. Let's try to understand its effect with examples.

 

First of all, let's talk about a salaried person. Since most salaried people either claim the benefit of HRA for the rent paid or probably bought a house with a home loan. Assuming that he has bought a house with a home loan, he will have to repay the principal of Rs. 2 lakh for home loan interest for self-acquired home property.

 

Considering the fact that he has to give up the standard deduction of Rs 50,000 / -, he has to go to spend money. 4,00,000 / - resulting in tax effect Rs. 80,000 if he is in the 20% tax slab whose income is between Rs 5 million to 10 10 million. Previous Net Tax Profit Tax Liability Rs. More than that. 62,500 under the new project. For those living in the 30% tax slab, the tax effect of 30% of the Missed Benefit will result in tax savings of Rs 1.20 lakh. Earned 37,500 by selecting the new system.

You may also, like- Automatic Income Tax Master of Form 16 Part A&B for the F.Y.2021-22[This Excel Utility prepare at a time 50 Employees Form 16 Part A&B] 

Now let us take an example for a self-employed person who is fined Rs. 50,000 / - under Section 80CCD (1B) for contribution to the National Pension System for easy understanding of both Rs. 1.50 lakhs and Rs. Assuming total income is Rs. 7 lakh will be tax liability. 32,500 / - under new tax system.

 

However, if he is able to claim the money discount. From the above 2 lakhs he will be able to reduce his total income to 5 lakhs on which he will not have to pay any tax through discount. 12,500 available under section 87A. One can save money by investing two lakh rupees. 32,500 tax under the old system.

 Why don't people choose new tax system

Since the salaried will have to give up various benefits like standard deduction, HRA, LTA and will have many essential items like employee future fund contribution, life insurance premium, school fees, home loan principal payments, most of the salaried means staying with the old system. Even for self-employed taxpayers who have an ongoing home loan, there is no point in switching to the new system.

 

As per above circumstances, the new tax system is only allow for those who have liquidity problems and are not able to take full advantage of under Chapter VI A including 80C, and who have no health insurance and no ongoing home loan. The new arrangement may only be suitable for a few self-employed or HUFs for which no exemption is available under section 87A.

Download and Prepare at a time 100 Employees Automatic Income Tax Master of Form 16 Part A&B for the F.Y.2021-22[This Excel Utility prepare at a time 100 Employees Form 16 Part A&B]

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Home Loan Tax Benefits | With Automatic Income Tax Form 16 for the F.Y.2021-22

 

Home Loan Tax Benefits. There are 2 components to home loan repayment: principal and interest. The practice of paying principal and interest is governed by two separate sections of the Income-tax Act, 1961.

 

Section 80C of the Income-tax Act allows deduction of payments of the principal component and is approved on the basis of actual payments made in the financial year and not on the basis of the amount outstanding in the relevant year. In addition, the exemption under section 80C is subject to a maximum of 1.50.000 / -.

Download Automated Income Tax Master of Form 16 Part A&B for the F.Y.2021-22 which can prepare at a time 50 Employees Form 16 Part A&B

Deductions may be required to pay interest under section 24. Now, Section 24 (b) provides that if the property is purchased or built with a capital loan and such acquisition and construction is completed within 5 years of the end of the financial year in which the original loan was made, you are liable for any interest payable on that capital.

 

You can request deduction up to a maximum of Rs. 2.00.000 / - and if the property is renovated, repaired or rebuilt with borrowed capital, deduction can be made. Requested. Any interest up to a maximum of Rs. 30,000 / - is payable if the property is self-acquired. There is no maximum deductible for interest payable when renting a property.

 

Section 24 also provides for deduction of interest for pre-construction period but not for the same year. It is approved from the year the construction is completed. The year the construction is completed in 5 equal installments of interest from the pre-construction period and 4 years thereafter.

Download Automated Income Tax Master of Form 16 Part B for the F.Y.2021-22 which can prepare at a time 50 Employees Form 16 Part B

 

Also, Section 24 allows deductions on the basis of arrears and not on the basis of actual payments. Therefore, even if no payment is made in a year, deduction may be requested on the basis of arrears of interest.

 

A new section "Section 80EEA" has now been added which allows the removal of mortgage interest on certain real estate properties. Subject to fulfillment of the following conditions, up to a maximum of Rs. 1.50,000 / -, deduction is allowed in this section for any interest payable on the loan taken by an individual: -

 

1. The financial institution has approved the loan between April 1, 2019 and March 31, 2022.

 

2. The value of stamp duty on residential home ownership does not exceed forty-five million rupees;

 

3. The valuer does not have any residential property on the date of loan approval.

 

Overall, the appraiser may request deduction of any interest payable on the capital borrowed for the acquisition and construction of real estate, up to a maximum of Rs. 3.50.000 / - (up to 2.00.000 / - in sections 24 and 1.50. 000 / -) Section 80EEA Certain conditions are met). And, Section 80EEA allows interest up to Rs.1.50,000 / - for pre-construction period in the same year in which interest is payable.

Download Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2021-22 which can prepare one by one Form 16

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