Form 16 is also known as the income tax calculator and it consists of two parts part a and part b if you want to file it returns for the financial year 2019 20 in the assessment year 2020 21 then you can easily calculate your net income tax return amount by using the above form 16 excel format. This new format will break the tax exempt allowances in details which are paid to the employee and apart from this the entire tax brakes which are claimed by the taxpayers.
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01 04 2009 vide notification s o.
Salary form 16 format. 16 see rule 31 1 a part a certificate under section 203 of the income tax act 1961 for tax deducted at source on salary certificate no. Difference in salary amounts between part a and part b of form 16 posted by gautham on september 3 2015. Salary slip is a business document that is signed by the employee after getting their salary.
Form 16 new format. Salary slip is given to the employee at the time when he receives their salary. Following are the broad changes.
It is issued at the end of said year reflecting the total salary paid and amount of tax deducted tds during the year. The income tax department notified a new format comprising part a and part b for form 16 in 2013. A salary slip can be made easily with below mentioned free salary slip template.
The revised format of form 16 applicable from ay 2019 20 would enable the tax department to have detailed break up of the income and tax breaks claimed by a salaried employees. Form 16 meaning form 16a form 16b download. Form 16 is a crucial document for a salaried individual especially if the employer has deducted tax on income.
Form 16 in excel format for ay 2020 21. A new format for form 16 has been notified by the cbdt central board of direct taxes which is the salary tds certificate. Download excel format of new form 16 salary certificate 16a tds certificate tcs challan no.
When the employee files his income tax return then form 16 should be taken from the employer where the details of tax deducted and deposited are certified. Detailed break up of tax breaks under section 80c to 80u as declared to employer. This slip is issued by the employer to the employee after completing the one month.
Last updated on name and address of the employer name and address of the employee permanent account number or aadhaar number of the deductor tan of the deductor permanent account number or. Form 16 or salary certificate in layman s language is a certificate issued by an employer to all employees for a particular financial year. Every employer issue form 16 to the employee when tds deducted from the salaries of employees.
858 e dated 25th march 2009 we have updated the old forms and making the same available to you in. 17 and form 27d applicable w e f. Keeping in view the latest amendment made by income tax department regarding tds tcs forms returns and procedures w e f.
Detailed break up of tax exempt allowances such as hra lta. For a salaried employee form 16 is of utmost importance from the income tax.
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