Pranab Banerjee Form 15 Part B for F.Y.2014-15, Form 16, Form 16 Part A&B for F.Y.2014-15, Income Tax Salary Certificate Form 16 Part B for F.Y.2014-15, TDS for F.Y.2014-15 No comments
When it comes to online filing of income tax, it becomes focal to ensure that Form 16 is maintained with the assessee for simplifying the return filing procedure. Form 16 is also known as Salary TDS Certificate. The TDS certificates have to be issued within the prescribed time in the prescribed forms as under: - See more at:
1) Form No.16 : For salaries (Salary TDS Certificate)
2) Form No.16A : For all other payments (TDS Certificate)
But we will discuss about (Salary TDS Certificate) only. A further insight in of Form 16 has been furnished below:
Form 16 is a documentary proof for the purpose of and is available for all people belonging to the salaried class. The Form 16 represents a complete analysis of the income details of an assessee along with necessary adjustments for income tax (Tax Deducted at Source). However, it is only applicable for people who belong to the salaried class.
In other words you can say it is the proof of which we have paid advance to employer and employer has paid it to the Government on our behalf.
Form 16 is used only as a proof for people’s accuracy while . Since, the form carries all information with respect to the salary of a person along with various tax deductions; it becomes easier for the assessee to file his return on the basis of furnished data in Form 16. One can also use Form 16 for personal verification purpose by way of matching the TDS details mentioned in the form with Form 26AS such that there are no disparities in the amount mentioned in the two forms.
Popularity of Form 16 mainly comes in from the ease which it provides to the assessee with its pervasiveness. Since every single detail with respect to income of the assessee is mentioned in the form along with provisions and tax deductions, the task of filing online income tax becomes very simple. Additionally, the validity of Form 16 can also not be questioned as it not generated by the employees themselves. Rather, it is furnished to them by their employers as a statement of income that justifies their current salary.
Form 16 is usually provided by the employer themselves. When people collect their salary, they are also furnished with this form that depicts their distribution of salary and other adjustments such as TDS (Tax Deducted at Source). If the same phenomenon does not exists, then make sure you your employer and ask for Form 16 at the earliest. You may also take assistance from professionals if desired so.
The TDS certificate in form 16 shall be issued annually by 31st Day of May of the financial year next following the financial year in which the income was paid and tax deducted.
The employer has . There may arise a situation where people may not be provided with their Form 16 by their employers. When this situation persists, it should be understood that though, the employer has deducted TDS from the salary of their employees but has not submitted the same with the IT Department. Under such context, firstly check your Form 26 AS, which should also have details with respect to your TDS. If the other form also is clueless about your TDS deduction, then it is time to demand the same from the employer and if the same is still denied, then one can sue his employer for the same.
Download Automated Master of Form 16 Part B+ 12 BA for FY 2014-15 [ This Excel Utility Can Prepare at a time 50 employees Form 16 Part B + 12 BA ]
At a Glance Income Tax Section 80 Deductions, Plus Master of Form 16 Part A and B for Financial Year 2014-15
Pranab Banerjee 10E, 80DD, Automated Form 16 for the F.Y.2014-15, Deduction under section 80, Form 16, Income Tax Section 80, Income Tax Sectiuon 80DDB, List of decease of Section 80DDB No comments
CBDT has already notifies mandatory to Download of Part A of Form No. 16, Plus with Automated Form 16 Part B for FY 2014-15
Pranab Banerjee Amended Form 16 for the F.Y.2014-15, Automated Form 16 Part B for F.Y.2014-15, Form 16 Part B for F.Y.2014-15, Income Tax Salary Certificate Form 16 Part B for F.Y.2014-15, Tax Slab for F.Y.2014-15 No comments
1) Click here to Download Master of Form 16 Part B for F.Y.2014-15 ( This can prepare at a time 50 employees Form 16 Part B)
2) Click here to Download Master of Form 16 Part B for F.Y. 2014-15 [ This Utility can prepare at a time 100 employees Form 16 Part B]
3) Click here to Download Master of Form16 Part B with Form 12 BA for F.Y. 2014-15 (This can prepare at a time 50 employees Form 16 Part B with Form 12 BA)
4) Click here to Download One by OnePreparation Form 16 Part B for Financial Year 2014-15 (This Excel Utility can prepare more than 500 employees Form 16 Part B One by One)
The CBDT has recently notified that Form 16 had two parts – Part A and Part B. Part A contains details of tax deducted and remitted and Part B contains details of income. The Central Board of Direct Taxes (CBDT) has now notified that Part A of Form 16 containing the Unique Identification Number will be issued by the employer by generating and subsequently downloading the same from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) Portal. ( www.tdscpc.gov.in)
Employer to download Part A of the Form 16 from the TRACES Portal and authenticate the correctness of the contents mentioned therein before issuing to the employee. Part B of the Form 16 will be prepared manually and issued to the employee after due verification. Part A and B can be either digitally or manually signed.
Form 16 to be issued by the employer containing both Part A and B by 31 May 2013. Form 16 issued in the manner prescribed and containing Unique Identification Number will only be considered to be valid.
The Director General of Income-tax (Systems) will specify procedure, formats and standards for downloading Part A of Form 16 and will be responsible for the day to day administration.
It is also Mandatory by the CBDT that the Form 16 Part B which contain the employee's Salary Details which must be prepare by the Employer. Now you have to need the prepare Form 16 Part B and the Form 16 Part A Download from the TRACES Portal.
1) Click here to Download Master of Form 16 Part B for FY 2014-15( This can prepare at a time 50 employees Form 16 Part B)
2) Click here to Download Master of Form16 Part B with Form 12 BA for FY 2014-15 (This can prepare at a time 50 employees Form 16 Part B with Form 12 BA)
3)Click here to Download One by One Preparation Form 16 Part B for F.Y. 2014-15 (This Excel Utility can prepare more than 500 employees Form 16 Part B One by One)
Understanding Value of Perquisites U/s 17(2),with Value of Perquisite Calculator and Form 16 Part B with 12 BA in Excel
Pranab Banerjee 12BA with Form 16, Automated Form 16 Part B with 12 BA for F.Y.2014-15, Form 12 BA in Excel, How to calculate Value of Perquisite in Income Tax, Value of Perquisite Calculator in Excel No comments
For person earning income from Salary , documents Form 16, and Form 12BA provided by employer are needed. We looked into details of Form 16. Form 12BA give details of given by the employer to employee in the financial year. Before we look at Form 12BA lets try to understand Perquisites, also known as .
Download Automated Master of Form 16 Part B with Form 12 BA for FY 2014-15[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]
What are Perquisites?
· : Employer either reimburses the expenses incurred by the employee for such facilities or pays on behalf of the employee. Ex:personal gas bills of the employee are in the name of employee and the employer reimburses the amount of such gas bills to him or pays on his behalf to the gas agency, it is in monetary terms and taxable in case of all employees; on the other hand, if such bills are in the name of employer, it will be perquisite in case of specified employee only.
· : Payments which can be called non-monetary payments are car facility, benefit on account of interest-free loans, rent-free accommodation, furniture provided to employees etc.
· He is a director of the company,
· He has a substantial interest in the company, ie he is the beneficial owner of equity shares carrying 20% of voting power in the employer company.
· His monetary income under the head “Salaries” for the year exceeds Rs.24,000. The amount considered here includes amounts due from, paid or allowed by one or more employers. It excludes all non-monetary benefits.
family including dependents; medical insurance and such other perquisites and / or allowances.
Perquisites and Indian Income tax Act
Valuation of Perquisites
Where Government provides the accommodation to a person holding an office or post in connection with the affairs of the Union or State or serving with any body or undertaking under the control of such Government on deputation.
Licence fee determined by Union or State Government in respect of accommodation in accordance with the rules framed by that Government.
Where any other employer provides such accommodation.
Where accommodation is owned by employer. Perquisite Value is -
· 15% of the salary in cities having population more than 25 lakhs as per 2001 census.
· 10% of the salary in cities having population more than 10 lakhs but up to 25 lakhs as per 2001 census.
· 7.5% of salary in other cities.
Where accommodation is taken on lease or rent by the employer. Perquisite Value is least of the following -
· Actual amount of lease rental paid or payable by the employer
· 15% of the salary.
Exempted Perquisites:- Some of the perquisites are exempted from income tax (free) such as:
· Tea, coffee(non-alcoholic beverages), snacks provided during working hours.
· Free Meals provided at the office or business premises during office hours or through paid non-transferable vouchers usable only at eating joints. If the value is up to Rs.50 per meal, it is not taxable. Otherwise, taxable. Assuming 2 meals per day and 22 working days in a month, it works out to Rs. 2200/- p.m which at times is given in form food coupons or Sodexo coupons.
· Recreational facilities provided.
· Good manufactured by employer and sold by him to employees at the concessional (not free) rates. Ex: Motorola providing his employees Motorola mobiles at less than market value or Hindustan Lever giving its products(Surf, Knorr soup) at lesser than market value.
· Amount spent on training of employee including the boarding and lodging expenses of the employees on such a training.
· Telephone and mobile phone facility.
· Computer or laptop whether to use at home or office (ownership is not transferred to employee)
· Loan given at nil or concessional rate of interest by the employer provided the aggregate amount of loan does not exceed 20,000.
· Health club, sports facility.