As per the CBDT notification, the Form 16 is now two parts, One Part A and other is Part B. Form 16 Part A is mandatory to download from the TRACES Portal and the Form 16 Part B must be prepare by the Employer/Deductor. The Part A easy to download from the www.tdscpc.gov.in in this Part A have the details of Tax Deduction and Deposited in to the Central Govt Quarterly or Annually. But the Form 16 Part B have the details of employees salary and deduction as per the Income Tax Rules.
Now it is necessary to prepare the Form 16 Part B or Part A & B both ( Who are not able to download the Form 16 Part A from the Traces Portal ) by the employer. If you have to prepare advance the Form 16 for the Financial Year 2015-16 which will be needs to the end of the Financial Year 2015-16 i.e. March 2016. As end of the Financial Year 2015-16 will be knocking the door and it is mandatory to prepare and distribute to the employees within 31st March 2016. If your concerned have more than 40 employees, you may ready to prepare the Form 16 Part B for the Financial Year 2015-16. Various Concerned have different type of Allowances and Benefits, some benefits may effect & get the Tax Relief from the Income Tax.
Below given a Excel Based handy software which can prepare at a time 50 employees Form 16 Part B and Form 16 Part A&B for the Financial Year 2015-16. In this Utility have all the Tax Deduction Section and the latest Income Tax Slab and New Section as per the Finance Budget 2015-16.
This Excel Based Software can reduce your time for preparing the Form 16 Part B and this Form 16 is prepare as per the latest format of Form 16 and also you can treat this as a Income Tax Calculator for F.Y.2015-16 and save the same in your System.
Click here to Download Master of Form 16 Part B for F.Y.2015-16 & Ass Year 2016-17 ( This Utility can prepare at a time 50 employees Form 16 Part B for F.Y. 2015-16)
Snapshot of Master Data Input Sheet
Tax Deduction Sheet
Snapshot of Amended Form 16 Part B