Form 16 is a salary certificate or document issued to salaried persons in India by their respective employers under Section 203 of the Income-tax Act, 1961. It contains the full details of the salary paid by the company or employer to the employee in a particular financial year and the income tax deducted from the salary of the person to be paid by the payer. For download, Form 16 is below-given link 

https://www.incometaxindia.gov.in/forms/income-taxrules/103120000000007849.pdf

OR

https://www.incometaxindia.gov.in/Pages/tax-services/form-16A-download-eductor.aspx

 

According to the Income Tax Act, each employer deducts TDS at the time of payment of the mandatory salary, which is calculated on the basis of the income tax slab rate for the financial year. Companies usually calculate the tax payable by the employee on the basis of the forecast income and investment declaration shared by the employee at the beginning of the financial year.

You may also, like- Automated One by One Prepare Form 16 Part A&B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

Elements of Form 16

 Form 16 is one of the most important tax reforms for salaried individuals. It contains all the information Form 16 is one of the most important tax reforms for a salaried person.

Form 16 is in the two parts include: 

Form 16 Part – A

Part A provides a summary of the taxes paid by the company or employer on behalf of the employee and on the government account from salary income. This is a certificate that is duly signed by the employer that they have deducted TDS.

: You may also, like- Automated One by One Prepare Form 16 Part A&B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

Part 16 of Form 16 consists of the following details:

Employee's Salary information, such as individual and employer name, address details, PAN details of both the employer and the employee. For an employer, it is also important to provide details as this will help the income tax department to track the flow of money from the employer or employee's account. If a company does not have TAN, they are not entitled to deduct TDS. In this condition, the deductor can not provide Form 16. 

The summary of paid salaries

Date of tax deduction from salary

The date of submission of tax to the government account

Quarterly tax deduction and submission to the Income Tax Department

DS TDS payment acceptance number

This section has been created and downloaded through the trace portal of the Income Tax Department. It also provides details like payment operations, invoice numbers etc. through the bank's BSR code for future reference.

You may also, like- Download & Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

Form 16- B 

It is a consolidated statement that relates to any other income disclosed by the employee to his organization or any other income disclosed to the organization, including the amount of tax payable and the amount of tax payable. It provides information on employee earnings deduction in the prescribed format and a wide range of applicable discounts and discounts. The names and descriptions of the employees as PAN have even been mentioned in Section B  

The following information is provided in the form below: 

Total Salary Received: The salary structure is further divided into different sections such as house rent allowance, leave travel allowance, leave encashment, gratuity and others.

Approved Exemption: Employees' allowances for accommodation (HRA), transportation, children's education, and dormitory expenses, medical expenses, etc., as per Sec (10) of the Income-tax Act, 1911 are also part of the form.

 

Total income: The amount of salary income received from the employer and any other income declared by the employee such as income from house/property etc. Information related to other income needs to be shared with the employer by the employee.

Exemption from Salary: Section 80C / 80CC / 80CCD includes contributions made for schemes or instruments like Public Provident Fund, Life Insurance Policy, Tax Affordable Mutual Fund, Pension, Sukanya Samridhi.

 

Net Taxable Salary: Total discounts are consolidated under "Chapter IV" and are deducted from the total income to calculate taxable income. This amount of your tax liability is calculated.

• Tuition fees and surcharges if any

Applicable Rebate under paragraph 87, applicable

Relief under Section 89, if any

The  tax payable income

• Tax deduction and balance tax applicable or refundable

You may also, like- Download & Prepare at a time 100 Employees Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

What are the eligibility criteria for Form 16? 

As per the rules of the Ministry of Finance, Government of India, every salaried person under taxable bond is eligible for Form 16. If the employee does not fall within the set of tax brackets, he or she will not need a tax deduction (TDS). Therefore, in this case, there is no obligation to provide Form 16 to the employee of the company. 

The importance of Form 16 for a salaried person

Form 16 is very important from 16 income tax perspective. The details mentioned in the form are required for filing the income tax return. It helps the taxpayer to easily calculate income tax returns in India without the help of chartered accountants or financial planners. This is even more applicable to those who have a source of income, the salary received from their organization.

 

It was not only proof of TDS, it was also considered an important document in tax compliance. This is a document required by an employee to provide proof of duty paid. Banks, other donors and financial institutions consider the TDS certificate as valid evidence. To apply for a loan, many financial institutions ask for this document as part of their verification process.

Download & Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

On March 25, 2021 by www.taxexcel.net

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Last date to link Aadhaar card and PAN on 31^st March 23, 2021, unless your pan card will be cancelled.

 

The Income Tax Department has informed that in such a situation, the PAN card will become completely useless

 

• Multiple times the central government has extended the deadline for linking Aadhaar and PAN cards This time the last date for linking PAN and Aadhaar is 31st March 2021 If the annexation process is not completed by this date, it will be read as 7 in great danger The income tax department reminded me of this once again.

 

• The Income Tax Department has stated that it is mandatory to link PAN Aadhaar by March 31, 2021. You can do this with the help of bio-metric authentication or go to NSDL or UTITSL's PAN Service Center and link.

 

• The Income Tax Department has stated that it is mandatory to link PAN Aadhaar by March 31, 2021. You can do this with the help of biometric authentication or go to NSDL or UTITSL's PAN Service Center and link.

 

• First of all you have to send an SMS to 567678 or 56161, in this format - UIDPAN12digit Aadhaar> 10digitPAN>. Which of the two must be sent to the same number.

 

 If you want, you can also go to the e-filing portal and link PAN and Aadhaar. For this, you have to click on this site www.incometaxindiaefiling.gov.in.

 

As per previous rules, PAN card will be cancelled if Aadhaar and PAN are not linked before the deadline. The Income Tax Department has informed that in such a situation PAN card is completely useless Under the new rules, a fine of Rs.10,000 can be added to it

 

• If you do not link PAN Aadhaar Permanent Account Number (PAN) will be inactive Then using that PAN number is a serious crime under the Income Tax Act Due to the use of an inactive PAN card, the user has to pay Rs 10,000 as a penalty under Section 262B of the IT Act.

 

If you want to withdraw more than 50 thousand rupees from the bank, you have to show PAN card 6 Note that there is no need to apply for a new PAN card if the PAN card becomes inactive due to lack of link. Once the old PAN number is linked to Aadhaar, the PAN card will be activated.

 

To avoid fines and harassment, link your PAN and Aadhaar number by the 31st of this month

On March 23, 2021 by www.taxexcel.net

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An easy way for taxpayers to switch to the old income tax scheme. If you feel you have made a mistake when choosing between new and old tax systems, here how to get back to the scheme you want:

 

Through the budget for the current financial year, Union Minister Nirmala Sitharaman announced the new tax system U/s 115 BAC with the consent of the volunteers. Taxpayers, especially employees, are allowed to choose between the old and the new system according to their choice. As the protocol states at the beginning of each financial year, employees must inform their employer of the tax system they want to go with.

 

For example, if you want to go with the old tax system first, then finally finds the news tax system more beneficial for you, but there is a way for you to switch to the new tax system.

 

You may also, like- Automated Income Tax Form 16 Part A&B and Part B which can prepare One by One Form 16  in Excel for the F.Y.2020-21 with the new and old tax regime

When filing ITR

 

The government has given workers a choice between the old and the new tax system. The decision is usually made at the beginning of the financial year, but if you have chosen the old tax system, you can switch to a new system return through a newly introduced Option Form 10-IE when filing an income tax if you find a new system to be more beneficial to you.

 

At any time of the financial year before filing an ITR, you cannot switch to another rule.

Benefits of Old and New Tax Regime

 

The new tax system is a lower tax system which means it has reduced the tax rate but the system does not allow any reduction in tax based on tax-saving investment like the old tax. On the other hand, the tax slabs under the old tax are unchanged but you can deduct yourself for tax-saving investments here.

 

You may also, like- Automated Income Tax Form 16 Part B which can prepare One by One Form 16 Part Bin Excel for the F.Y.2020-21 with the new and old tax regime

 

Tax slabs under the new tax policy.

 

According to the new tax regime, no tax is applicable to the income of Rs 2.5 lakh per annum. Above:

 

 In addition to the relevant cess and surcharge.

 

 

By law, employees must choose between the old and the new tax system and inform their employer of their preferences; however, if someone is not sure about that decision, he or she must change his or her decision to file an ITR. If the employee encounters that the tax deducted is more than the actual amount payable, he can claim a refund for that additional duty (by filling out an online refund application) when paying the income tax refund. 

Download and Prepare at a time 50 Employees Automated Income Tax Form 16 Part B in Excel for the F.Y.2020-21 with the new and old tax regime

 

On March 22, 2021 by www.taxexcel.net

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Tax Planning for the F.Y.2021-22 A.Y.2022-2023

 

There are certain investments and expenses under Section 80C of the Income Tax Act which helps the taxpayer to reduce tax liability.

If you want to continue existing or outdated tax discipline while filing your Income Tax Return (ITR) for F.Y 2020-21, you can avail several exemptions under the Income Tax Act, 1961. However, to be sure, you must Assume that you have compared the taxes payable under the old and new tax systems.

 

Initially, the old tax duty includes 4 basic income tax exemptions for the taxpayer for tax assessment and earnings for the assessment year 2021-22. In addition to Section 80C, the taxpayer has a few more exemptions.

Download Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 with the new and old tax regime [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

 

Tax benefits under section 80C

 

Some investment under Section 80C of the Income Tax Act which helps the taxpayer to reduce the tax payable. However, the maximum limit is up to Rs 1.5 lakh per annum which can be in any of these investments or expenses. Fixed investments include five-year notified tax-savings bank deposits, life insurance premiums, Employees Provident Fund(EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), Equity Linked Savings Scheme. (ELSS). There is also an 80C tax benefit on home loans (principal amount) for EMI providers. Children's tuition fees paid as school fees fall under section 80C.

 Tax benefits under section 80D

 

The premium paid for health insurance brings a tax benefit. The premium can be purchased as a separate plan, family floater plan, critical illness plan as a separate plan or as a rider from life and in favour of health insurance providers or general insurance companies.

 

Currently, the limit for those under the age of 60 is Rs 25,000. This includes self, wife and children and the health cover can be Mediclaim, Family Floater, Critical Illness etc. The premium paid for any of these projects will be deducted from the total income under section 80D. The limit is Rs 50,000 for those above 60 years of age. If both the individual taxpayer and the parent are over 60 years of age, the exemption can be taken up to Rs one lakh. Any payment up to Rs 5,000 for a preventive health check-up is also eligible for tax benefits but it has to be within the overall limit.

 Download Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 with the new and old tax regime [This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B]

 

 National pension system tax savings

 

Section 80 CCD (1): Under Section 80 CCD (1), the employer and the employee can contribute to NPS. The discount should not exceed 10 % of the basic salary, except for all other allowances and permits. In the case of self-employment, under 80 CCD (1) of the Income Tax Act, 20 per cent of the total income contribution can be deducted from the taxable income, subject to a ceiling of Rs 6,000. 1.50 lakh under 60 CCEC.

Section 80CCD (1B): Under Section 80CCD (1B), the taxpayer will be allowed a rebate of ৫০ 50,000 for either employee or self-employed NPS. Exemption under Section 80CCD (1B) is exempt from exemption under Section 80CCD (1), but the same amount cannot be claimed under both sections.

 

Download Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

 

Section 80 CCD (2): Salary employees get tax benefit on the employer's contribution to his or her NPS account. Contribution of ten per cent of the employer's salary (Basic Plus Dearness Allowance) may be claimed as exemption from taxable income under Section 80CCD (2) of the Income Tax Act, 1961. There is no high cap on the amount of this tax deduction. This exemption exceeds the ceiling limit of Rs 1.5 lakh given under Section 80C and the limit of Rs 50,000 under Section 80CCD (1B). Under the new tariff system, benefits under section 80CCD (2) are still available for the benefit of taxpayers.

Education loan repayment

 

When higher education is for higher education, tax income on interest paid in an educational institution qualifies for an income tax deduction.

 

The interest earned on higher education is exempt from gross income under Section0EE, there is no financial ceiling on that interest that can be claimed as a discount. In order to educate yourself, your child or even your spouse, you should take it from a financial institution or an approved educational institution. This waiver will be granted at any time prior to the year of initial assessment and the seven immediate assessment years until the initial assessment year is successful or full interest is claimed.

 

Download Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 100 Employees Form 16 Part B]

 

On March 21, 2021 by www.taxexcel.net

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