Download and Prepare at a time 50 Employees Automated Income Tax Form 16 Part B For Financial Year 2019-20 & Ass Year 2020-21( Modified Format of Form 16 Part B [ As per the CBDT Notification No.36/2019 Dated 12/04/2019

The CBDT has changed the format of Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May  2019. This Format is more explore the employee’s Salary Details.

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

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New Format of Form 16 for A.Y. 2019-20 With Automated Income Tax Master of Form 16 Part B for F.Y. 2019-20

The CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks claimed by them. In the previous format allowed the companies to give consolidated figures or break-up in different formats for both, thereby leaving some ambiguity regarding their individual composition.

Several changes have been made in the format of the TDS certificate for the Assessment Year 2019-20, the new format of Form 16 will allow the Income Tax Department get a detailed break-up of the income and tax breaks claimed by a salaried person at the first instance itself. Moreover, if there is any discrepancy between the income and deductions shown in the TDS certificate and the ITR filed by the taxpayer, it will be quite easy to spot it. This new the format is likely to help the department digitize cross-checking of figures too, as it takes away the leeway that companies earlier had in providing the break-up of income and deductions and fixes the format for providing necessary details.

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]

 The main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill all column

6)   Automatic Convert the Amount to the In-Words

The new Form 16 format was notified on 12^th April 2019, by the Central Board Direct Taxes. The format mentioned in the notification will come into effect from 12^th May 2019, which is well ahead of the last date to issue the TDS certificate to the salaried employees by Employers/ Tax Deductors. Therefore, those issuing Form 16 after this date will have to do so in the new format.

List of changes in Form 16 Format: –

·         The nature as well as amount of Tax-Exemption should be mentioned by Employer.

·         The Part B of form 16 has been amended to provide the section wise break-up of various exemptions allowed under section 10 of the Income Tax Act.

·         Form-16 will also contain the break-up of all the tax-related deductions under section 80C to 80U claimed by taxpayer from the salary paid to him/ her by your employer.

·         If a taxpayer has received salary from his/ her ex-employer or other employer during the previous year and same has been reported to the current employer for TDS purposes, then separate reporting is required in case of such a salary income new Form 16.

·         Standard deduction, announced in the Budget 2018, has also been introduced in Form16 under the head ‘Deduction under section 16’.

·         Now, income apart from salary is confined and can only be reported under Income from

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Download and Prepare at a time 50 Employees Automated Income Tax Form 16 Part B For Financial Year 2019-20 & Ass Year 2020-21( Modified Format of Form 16 Part B [ As per the CBDT Notification No.36/2019 Dated 12/04/2019

The CBDT has changed the format of Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May  2019. This Format is more explore the employee’s Salary Details.

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The the main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill all column

6)   Automatic Convert the Amount to the In-Words

Read More

Why is required Income Tax Form No. 16 to the all salaried persons With Automated Income Tax Master of Form 16 Part B in new format for the F.Y. 2019-20

 Part B is an annexure to Form 16 which incorporates subtleties and segments of pay paid, charge due and charge paid. It is a gritty calculation and an efficient record of your assessable pay after permitted reasoning’s and exclusions. Structure 16 Part B incorporates the accompanying data:

•           Gross Salary as broken in segments, for example, essential compensation, Dearness Allowance, HRA, Medical recompenses, opportune reserve commitment by both manager and worker, leave travel concession, proficient assessment (assuming any), transport remittance, and others

•           Exempted stipends under segment 10 of personal assessment act, for example, transport the remittance, house lease recompense, kids recompense, medicinal recompense and so forth.

•           Deductions permitted under section VI An of Income Tax Act

•           Relief under segment 89 of the Income Tax Act

•           Amount of assessment due or paid on a salary

•           The structure will likewise exhibit the measure of assessment discount if abundance charge has been paid.

Why is Form 16 required

•           Form 16 is a nitty gritty record of your compensation and duty paid by your manager. You require Form 16 at the hour of recording annual assessment form.

•           Form 16 is likewise acknowledged as a pay confirmation in different exchanges, for example, credit handling.

•           Form 16 can likewise be utilized to check whether right expenses have been stored with the administration account by contrasting the equivalent and your Form 26AS.

What occurs if Form 16 isn't accessible

On the off chance that you have not gotten Form 16 from your boss, you can allude to your Form 26AS accessible on the web. Structure 26AS contains the insights concerning the expense deducted from your compensation and saved into government account. Notwithstanding, you ought to likewise ask for and guarantee that your boss issues Form 16 to you.

•           All pages of Form 16 Part An absolute necessity be marked by the business either carefully or physically.

•           Form 16 is produced by Income Tax office, when a business fills the subtleties of worker, for example, his gross compensation, derivations and stipends according to the data outfitted by representative. Business issues Form 16 to the representatives once in an appraisal year.

•           If you have worked for more than one manager then you are required to gather Form 16 from every one of your bosses as the equivalent would be required at the hour of filling your Income Tax return.

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At atime 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]

 The main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

Read More

New Format of Form 16 for A.Y. 2019-20 With Automated Income Tax Master of Form 16 Part B for F.Y. 2019-20

The CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks claimed by them. In the previous format allowed the companies to give consolidated figures or break-up in different formats for both, thereby leaving some ambiguity regarding their individual composition.

Several changes have been made in the format of the TDS certificate for the Assessment Year 2019-20, the new format of Form 16 will allow the Income Tax Department get a detailed break-up of the income and tax breaks claimed by a salaried person at the first instance itself. Moreover, if there is any discrepancy between the income and deductions shown in TDS certificate and the ITR filed by the taxpayer, it will be quite easy to spot it. This new format is likely to help the department digitize cross checking of figures too, as it takes away the leeway that companies earlier had in providing the break-up of income and deductions and fixes the format for providing necessary details.

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]

 The main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

The new Form 16 format was notified on 12^th April 2019, by the Central Board Direct Taxes. The format mentioned in the notification will come into effect from 12^th May 2019, which is well ahead of the last date to issue the TDS certificate to the salaried employees by Employers/ Tax Deductors. Therefore, those issuing Form 16 after this date will have to do so in the new format.

List of changes in Form 16 Format: –

·         The nature as well as amount of Tax-Exemption should be mentioned by Employer.

·         The Part B of form 16 has been amended to provide the section wise break-up of various exemptions allowed under section 10 of the Income Tax Act.

·         Form-16 will also contain the break-up of all the tax-related deductions under section 80C to 80U claimed by taxpayer from the salary paid to him/ her by your employer.

·         If a taxpayer has received salary from his/ her ex-employer or other employer during the previous year and same has been reported to the current employer for TDS purposes, then separate reporting is required in case of such a salary income new Form 16.

·         Standard deduction, announced in the Budget 2018, has also been introduced in Form16 under the head ‘Deduction under section 16’.

·         Now, income apart from salary is confined and can only be reported under Income from

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How To Reset Your Income Tax e-filing Password? - If Unable To Reset Through Forgot Password Options- With Automatic Income Tax Form 16 Part B for F.Y. 2019-20

Resetting Income tax e-filing password is not so difficult for a taxpayer but it becomes difficult when the mobile no. and email id. is not belongs to the taxpayer. Most of the taxpayers submits their income tax return through their tax consultant, CA or other concerned person. In many cases those experts gives their personal mobile no. and email id. in the taxpayer's profile. As a result, when any taxpayer changes their tax consultant or CA, the taxpayer faces difficulty to reset password. In earlier so many easy options were available to reset income tax efiling password, but now the department increases security to prevent fraudulent activities.

How to reset income tax e-filing password ?
Go to www.incometaxindiaefiling.gov.in and click on reset password. After giving your user id (PAN) you will get 4 options to retrieve your password such as,

·    Answer secret question: To use this option, either registered mobile no or registered email id  should be yours. You will need to give correct answer within 3 attempts and same otp will be sent to registered email id & mobile no. Enter otp and create new password.

·    Upload DSC: This an expensive option. If you already have Digital Signature Certificate then upload it, otherwise you need to buy DSC.

·    Using e-filing OTP: To use this option both registered email id and mobile no. should be yours. Different otp will be sent to email and mobile and using those you can reset password.

·    Using Aadhaar OTP: Your aadhaar should be linked with PAN and your mobile no. should be registered with aadhaar to generate aadhaar otp.

Also you can login to your income tax e-filing profile through Net Banking. 

What to do if unable to reset password through forgot password options ?

·    Register mobile number with Aadhaar: Updating mobile no. with Aadhaar is the easy and good step to generate aadhaar otp and reset password with it. Click here to check the location of  nearest Aadhaar update centre with state name or postal pin code. Once your mobile no is registered with aadhaar you will get multiple facilities such as e-verify I.T. Returns, aadhaar otp generation for other purpose etc.

·    Open Net Banking: Register for Net Banking in at least one of your savings bank account. Most of the banks receives application through online and activates net banking with in 2 days. After successful registration, login to your net banking with user id & password. Click on 'e-filing' option at net banking website and you will be redirected to your income tax profile. Then you can change your income tax efiling password.

·    Buy DSC: As mentioned earlier that it is an expensive option to buy Digital Signature Certificate. Only do this if you have not any other option.

What to do if no option works to reset income tax password ?
Write a self attested clarification letter seeking a default password to log in to income tax e-filing profile. Also scan your Aadhaar card & PAN card and self attested it. Made a zip file with these 3 documents and send it to efilinghelpdesk@incometaxindia.gov.in via email.

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

Read More

Income Tax Return filing 2020 last date extended for these taxpayers! With Automatic Income Tax Revised Form 16 for F.Y. 2019-20

ITR Filing Due Date 2020: Section 139 of the Income Tax Act provides various provisions for filing tax returns.

Income Tax Return (ITR) Filing 2020: The Finance Bill 2020 has extended the due date for filing of return by companies and persons who are required to get their accounts audited. The due date for such taxpayers has been extended from September 30 to October 31 of the Assessment Year. The date has been extended through amendments in Section 139 of the Income Tax Act.

Twin amendments
Section 139 of the Income Tax Act provides various provisions for filing tax returns. As per Section 139 (1), it is mandatory for every person – be it a company, or a firm, or a person other than a company, or a firm, whose total income, or the total income of any other person in respect of which he is assessable under the Income Tax Act, during the previous year exceeded the maximum amount which is not chargeable to income-tax – to file return on or before the due date.

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 50 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

What has changed
As per Explanation 2 of this sub-section, the due date for “a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force” was the 30th day of September of the assessment year.

The Finance Bill 2020 has removed the word “working”. Also, the words “30th day of September” have been substituted by “31st day of October”. The twin amendments mean, companies and persons, who are required to get their accounts audited, can file their returns by October 31.

Taxpayer’s Charter
Budget 2020 proposed to introduce a Taxpayer’s Charter. “Any tax system requires trust between taxpayers and the administration. This will be possible only when taxpayer’s rights are clearly enumerated. Towards this end, and with the objective of enhancing the efficiency of the delivery system of the Income Tax Department, I propose to amend the provisions of the Income Tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers’ Charter,” FM Nirmala Sitharaman had said.

SOURCE FROM- businessleague

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