What is form16 Part B?

What is form16 Part B?

This Form 16 is a certificate, where the employer is certifying details regarding the salary you have earned during the year and how much TDS has been deducted. Part B includes details of salary paid, other incomes, deductions allowed, tax payable etc.

Can I download Form 16 Part B?

Taxpayers can download Form 16 Part A & Part B from the TRACES portal by following the steps given below. It is a TDS Certificate issued by an employer with details of income from salary and TDS deducted on it. FY 2018-19 onwards, the employer can also download Part B from TRACES.

Should Part A and Part B of Form 16 match?

Should amounts in Part A and Part B match? Ideally, the total tax amount shown under “Amount of tax deducted” in Part A of Form 16 should match with the tax amount shown against “Tax payable” (total of Income Tax, Surcharge and Education Cess) in Part B.

Is it mandatory to issue Form 16 Part B from traces?

After revising the information to be provided in Part-B of Form-16, CBDT has issued another notification where it has made it mandatory for employers to download and issue Part-B of Form 16 to employees only from the TRACES portal. This notification was issued on May 6, 2019.

How can I get Form 16 Part B online?

Step by step procedure on how to generate Form 16 Part B from TRACES.

  1. Login to the TRACES account.
  2. Go to Downloads >> Form 16.
  3. Bulk PAN download FY 2018-19.
  4. Fill in Challen Identification Number details and Unquie PAN-Amount combination.
  5. Submit the request and wait for 5-6 hours.
  6. Go to Requested Download.

Is Form 16B mandatory?

Form 16B TDS is mandatory in India, and its non-issuance leads to a penalty. It must be noted, the deductor has to furnish this form to the concerned payee within 15 days calculated from the due date to furnish challan-cum statement in Form 26QB.

Is ClearTax safe for ITR?

It is safe to file itr thru third party transactions like cleartax, bankbazaar Etc. This type of sites specifically target individuals who are unable to deal with complexities of income tax. Their interface are user friendly. They make available services of CAs to complete itr filings in case of complexity.

Which Form 16 need to upload in ClearTax?

Once the 1st Form 16 is read click on ‘Upload another Form 16’. You can see the summary of the Form 16s uploaded by you. If you do not have Form 16 PDF you will have to fill in each and every salary details manually. Look up our guide to the Form-16 to understand which details go where.

What is 16 A and B?

NEW DELHI: Form 16 is a Tax Deducted at Source (TDS) certificate issued by an employer to its employees when they deduct tax. The Part B of Form 16 has a consolidated detail of salary paid to you during the financial year.

What is part B of form 16?

Part B of Form 16 is concerned with the statements regarding salary paid, any other income as disclosed by the employee to the employer and things like the amount of tax paid and tax due.

How to fill Form 16?

Understanding & learning how to fill form 16 is very simple. It is divided into two sections- Part A and Part B. Form 16 Part A : This part of income tax form 16 covers employer, employee,TDS payment details. It shows quarter-wise details of your tax deposited with the government.Some of the details are: Name and Address of the employer.

Where can I find information on form 16 in Excel?

You can check out information on form 16 by searching, ‘form 16 part b in excel format for ay 2015-16’ or ‘difference between form 16 part a and part b’. There are also other terminologies such as, ‘form 16 part a and part b difference’ and ‘how to fill form 16 for salary with example’

What is the role of employer in Income Tax Form 16?

The responsibility of the employer for income tax form 16 is that he should ensure that all the income of the employee has been compiled, required tax has been deducted & deposited with the government, TDS return has been filed within due date and Form 16 issued to employees on time. When Form 16 is to be issued?