All about Form 16 Part A and Part B | If you are a salaried employee, you should understand the

 importance of the 16 forms when filing an income tax return (IRT). If you have completed Form

 16, filing an ITR is a simple task. Although you don't have to know what's on your Form 16, it's a good

 idea to familiarize yourself with these important tax filing forms.

 

What is Form 16?

Form 16 is like a payroll certificate, including details of income and taxes withheld from source (TDS) in the tax year. Form 16 also serves as legal evidence of your payroll tax deductions made against your Permanent Account Number (PAN).

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

Why is Form 16 issued?

The Income Tax Act 1961 states that each employer must deduct a specified amount from the employee's salary if it exceeds the basic exemption limit of Rs. 2.5 Lack. The deductible will be paid to the government for your PAN. However, if your income is below the taxable limit, the withholding tax reduction will not be made and you may not receive a Form 16.

 

Who issues Form 16?

Under Section 203 of the Income Tax Act, the employer submits Form 16 when deducting wage tax. If you change your job in a particular year, you will receive two Form 16s. Currently, the deadline to issue Form 16 for the IRPF is June 15 each year. In case the employer delays or fails to file Form 16 by the due date, a fine of Rs 100 per day will be imposed for the duration of the non-compliance. But the penalty cannot be exceeded. Total taxes deducted.

Download Automated Income Tax One by One Preparation Excel Based Form 16 Part B for the F.Y.2021-22 

What does Form 16 include?

Form 16 online consists of two parts: Part A and Part B. Part A covers deductions made to your paycheck from your total withholding tax (TDS), while Part B contains details about calculating taxable income and the total taxes owed. or refundable. In addition, Part B also contains complete details of the salary you pay in the tax year.

 

The particulars of Part A of the online form 16 are:

• The full Address and Name of the Employee

• The employee's full name and address

• Employer account number, tax collection and deduction account number (TAN)

• Employee PAN

• A total summary of the tax withheld and deposited every three months by the employer

• Evaluation year

• The period of working with the present employer

• Unique TDS Certificate Number

Download Automated Income Tax 50 Employees Excel Based Form 16 Part A&B for the F.Y.2021-22

 

Part A can be created through the TRACES portal.

The particulars of Part B of Form 16 are:

• Comprehensive salary distribution

• Assignments under Section 10

• DISCOUNTS UNDER SECTION 16

Other income from home ownership

• Tax deductions permitted by Chapter VI - A of the Income Tax Law

• Any compensation under Section 87A, if any

• Surcharges, the endowment of health and education, if any

• Any exemption provided under Section 89

• net tax payable

Download Automated Income Tax 50 Employees Excel Based Form 16 Part B for the F.Y.2021-22

 

Part B is prepared by the employer.

What do you do if you have worked with more than one employer?

If you have worked with more than one employer in a given year, they will each file Form 16 to continue your business. However, Part B can be granted by both employers and another employer, depending on your choice.

 

Tax filing in multiple 16 forms can be a bit tricky. However, to avoid this, you can tell your current employer about your previous service. Also, submit Form 12B to your new employer, with details such as base salary, HRA, LTA, benefits, and other tax deductions granted.

 

If you file Form 12B in your new job, you will get a Standard 16 Income Tax Form. This, in turn, will reduce difficulties during tax filing.

Download Automated Income Tax 100 Employees Excel Based Form 16 Part A&B for the F.Y.2021-22

On March 17, 2022 by www.taxexcel.net

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 Income tax planning and its benefits | Introduction to Tax Planning is an intellectual process that makes

 your financial position more tax efficient. This applies to all actions taken by taxpayers to ensure that

 their tax liabilities are minimized and that all available deductions, credits and exemptions are used and

 function in a coordinated manner. It is therefore a process that analyzes one's financial position in

 terms of tax efficiency.

As a taxpayer, you can have several sources of income:

Household income,

Wage,

Income from a business or profession,

Capital gains

Income from other sources.

 

Regardless of your source of income, you have to pay taxes to the government at the paved rates. Therefore, a central element of a good tax plan is to reduce the tax burden and increase savings while complying with legal obligations.

Download and prepare One by One Form 16 Part B for the Financial Year 2021-22

Why choose tax planning?

Tax planning is an integral part of your business and you are suffering losses if you don't make the best use of the deductions and benefits provided by the state. It helps achieve business and financial goals and offers various benefits to both large and small businesses.

 

Taxes will have a major impact on your income, so a tax plan is important for managing your wealth. In today's fast-paced environment, it's important to keep up with changes in tax legislation and have strategic plans to make sure you are paying exactly what you owe.

 

The benefits of tax planning

Tax breaks, deductions and discounts can be requested if you know the taxes in detail. It also ensures that you plan your expenses well and save more.

Download and prepare at a time 50 Employees Form 16 Part B for the Financial Year 2021-22

 

Deductions for different sections

 

U/s 80C Deduction - Provides some of the most useful options for minimizing your tax payment rate. You can get a tax relief of up to Rs 150,000. Life insurance expenses, employee reserve fund contributions, college fees, mortgage repayments, all can be claimed under 80C.

 

U/ s 80D deductions: if the insurance premium is paid for health or medical insurance of you, spouse, children and parents, the maximum deduction is Rs 25,000 for children under 60 and Rs 50,000 for those over 60. allowed.

 

Deductions u / s 80DD: Deductions of up to Rs 75,000 or Rs 1.25,000, as applicable, are provided to an employee for expenses incurred in treating and maintaining his disabled employee.

 

U / s 80E deductions: Interest paid on a student loan in a fiscal year is eligible for u / s 80E deduction.

 

U / s deductions 80TTA and 80TTB: This is the simplest deduction an individual can request, as long as the taxpayer has money in a savings account. Interest earned on savings accounts is tax-free up to Rs 10,000 at 80 TTA and up to Rs 50,000 for seniors at 80 TTB.

 

Deductions U/ s 80U: taxpayers are eligible for deductions of up to Rs 1.25,000 if they suffer from certain disabilities or illnesses.

Download and prepare at a time 100 Employees Form 16 Part B for the Financial Year 2021-22

On March 15, 2022 by www.taxexcel.net

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 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

On March 14, 2022 by www.taxexcel.net

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How to save on taxes without investing| The Department of Income Tax has provided taxpayers with various deductions and exemptions that may be deducted from taxable income under Section 80, Chapter VIA to reduce the tax burden.

 

Among all, there are deductions that are obtained with investments, but there are also some deductions that are obtained without any investment, but with daily expenses.

 

The 80C deductions are the most famous; there are other deductions that can reduce the tax burden on taxpayers even without much savings on tax savings tools. Some of them are the following

Download Automatic Income Tax Salary Certificate Form 16 Part A&B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

1. Tuition for children

You can claim deductions from your child's full-time college tuition fees for up to two children up to Rs. 1.5 lakh under section 80C of the 1961 Income Tax. You can also save under section 80E on interest paid on your child's education loan for 8 consecutive years.

 

2. Interest paid on a mortgage loan. For first-time homebuyers, there are deductions of up to Rs. 50,000 on the EMI interest component of interest paid on mortgages pursuant to section 80EE. In this case, the loan amount should not exceed 10,000,000 rubles. 35 lakhs and the value of the residential property must not exceed 50 lakhs.

 

3. Rental allowance Self-employed and employees who do not own their own residential property may benefit from the rental allowance (HRA) deduction under section 10(13A) of the Income Tax Act, at least for the following: :

 

To claim the tax credit, the taxpayer must provide the employer with rental receipts as well as other details to claim the exemption amount.

 

4. Medical expenses of elderly parents. If your parents are 60 or older and do not have any health insurance coverage, you can claim a deduction for the money you spend on their medical bills. You can request a maximum deduction limit of Rs. 50,000 under section 80D of the Income Tax Act.

Download Automatic Income Tax Salary Certificate Form 16 Part B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

On March 08, 2022 by www.taxexcel.net

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 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.

On March 07, 2022 by www.taxexcel.net

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