Part B is an annexure to Form 16 which incorporates subtleties and segments of pay paid, charge due and charge paid. It is a gritty calculation and an efficient record of your assessable pay after permitted reasoning’s and exclusions. Structure 16 Part B incorporates the accompanying data:
• Gross Salary as broken in segments, for example, essential compensation, Dearness Allowance, HRA, Medical recompenses, opportune reserve commitment by both manager and worker, leave travel concession, proficient assessment (assuming any), transport remittance, and others
• Exempted stipends under segment 10 of personal assessment act, for example, transport remittance, house lease recompense, kids recompense, medicinal recompense and so forth.
• Deductions permitted under section VI An of Income Tax Act
• Relief under segment 89 of Income Tax Act
• Amount of assessment due or paid on salary
• The structure will likewise exhibit the measure of assessment discount if abundance charge has been paid.
Why is Form 16 required
• Form 16 is a nitty gritty record of your compensation and duty paid by your manager. You require Form 16 at the hour of recording annual assessment form.
• Form 16 is likewise acknowledged as a pay confirmation in different exchanges, for example, credit handling.
• Form 16 can likewise be utilized to check whether right expenses have been stored with the administration account by contrasting the equivalent and your Form 26AS.
What occurs if Form 16 isn’t accessible
On the off chance that you have not gotten Form 16 from your boss, you can allude to your Form 26AS accessible on the web. Structure 26AS contains the insights concerning the expense deducted from your compensation and saved into government account. Notwithstanding, you ought to likewise ask for and guarantee that your boss issues Form 16 to you.
• All pages of Form 16 Part An absolute necessity be marked by the business either carefully or physically.
• Form 16 is produced by Income Tax office, when a business fills the subtleties of worker, for example, his gross compensation, derivations and stipends according to the data outfitted by representative. Business issues Form 16 to the representatives once in an appraisal year.
• If you have worked for more than one manager then you are required to gather Form 16 from every one of your bosses as the equivalent would be required at the hour of filling your Income Tax return.
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
1) Prepare At time 100 Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part B
4) Most easy to install just like an Excel File
5) Easy to Fill the all column
6) Automatic Convert the Amount to the In-Words