What’s ‘Form 16’ and what to do with it with Automated Form 16 Part B for FY 2014-15

Free download Automated Income Tax Form 16 Part B for the Financial Year 2014-15 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part B for the Financial Year 2014-15]


What is
Form 16?
Every
year your employer will issue this document. It is a certificate under section
203 of the Income-Tax Act, 1961, which gives information on the tax deducted at
source (TDS) from income chargeable under the head “salaries”. Simply put, it
gives details of the tax deducted by the employer. If you have not received
your Form 16, you can use the worksheet that the income tax (I-T) department
provides to calculate and declare the amount.
Form 16
is useful in filing your income tax return (ITR). What’s inside it?
Understanding the content of Form 16 helps you file your I-T returns; you may
be able to do it yourself, without help from a chartered accountant or a
financial planner, especially if your income comes entirely from your salary,
and you have no other source of income.

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Form 16
has two sections—part A and part B. Part A consists of your personal details
such as your name and address, your employer’s name and address, Permanent
Account Number (PAN) of both, the employer’s Tax Deduction Account Number
(TAN), and others.
These
details help the I-T department track the flow of money from your and your
employer’s accounts. Part A also gives details such as the assessment year
(AY)—the year in which your tax liability is calculated for the income earned
the previous year. For example, for income earned between 1 April 2013 and 31
March 2014, AY will be 2014-15. This year’s Form 16 will show 2014-15. This
portion of the form also gives details of your period of employment with the
current employer. For instance, if in the last financial year, you have worked
from 1 April 2013 to 31 March 2014, it will be mentioned in the form. Next, it
gives a summary of the TDS by the employer on behalf of the employee.

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This is
the amount that the employer deducts from your salary as tax periodically and
credits it to the I-T department. For instance, if every month your employer
deducts Rs.3,000 as tax from your salary, it will be shown in the Form 16 as
deposited by your employer to the government. The summary space will be divided
based on the periodicity of how your employer credits the tax to the I-T
department. Part B of Form 16 is the one that gives most of the details that
you need to file I-T return, such as salary paid, other income, tax deducted,
and more.

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Your
gross income is mentioned first. Those who need to pay professional tax should
note that the tax is not considered on the gross income. Next, deductions are
mentioned.
These
include those under sections 80C, 80CCC and 80CCD (contributions towards Public
Provident Fund, life insurance policies, pension, among others). Remember, the
aggregate amount deductible under these three sections should not exceed Rs.1.5
lakh.
Then come
the deductions under other sections such as 80D (health insurance premium), 80E
(interest on education loan), 80G (donations), and others. The total deductions
are reduced from the gross income to arrive at the taxable income.

Tax is
calculated on this amount based on your tax slab. How to use it? Form 16 is one
of the documents that you need to keep handy before or while filing your ITR,
which has to be done till 31 July. While all deduction related details are
mentioned in Form 16.

Click here to download All in One Master of Form 16 Part B for Financial Year 2014-15 [This Excel Based Software can prepare at a time 50 employees Form 16 Part B with Individual Salary Sheet + Individual Salary Structure]

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