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New Format of Form 16 for A.Y. 2020-21 With Automatic Excel Based Income Tax Form 16 Part B and Form 16 Part A&B in Revised Format.

The
CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break
up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks
claimed by them. In the previous format allowed the companies to give
consolidated figures or break-up in different formats for both, thereby leaving
some ambiguity regarding their individual composition.

 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
Several
changes have been made in the format of the TDS certificate for the Assessment
Year 2019-20, the new format of Form 16
will allow the Income Tax Department get a detailed break-up of the income and
tax breaks claimed by a salaried person at the first instance itself. Moreover,
if there is any discrepancy between the income and deductions shown in TDS
certificate and the ITR filed by the taxpayer, it will be quite easy to spot
it. This new format is likely to help the department digitize cross checking of
figures too, as it takes away the leeway that companies earlier had in
providing the break-up of income and deductions and fixes the format for
providing necessary details.
 The
main feature of this Excel Utility:-
7)  
Prepare At time 50 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT
Notification No.36/2019 Dated 12/04/2019 ]
8)  
All the Amended Income Tax
Section have in this utility as per Budget 2019
9)  
You can print individual Form
16 Part  B
10)                    
Most easy to install just
like an Excel File
11)                    
Easy to Fill the all column
12)                    
Automatic Convert the Amount
to the In-Words
The
new Form 16 format was notified on 12th April 2019, by the Central
Board Direct Taxes. The format mentioned in the notification will come into
effect from 12th May 2019, which is well ahead of the last date to
issue the TDS certificate to the salaried employees by Employers/ Tax
Deductors. Therefore, those issuing Form 16 after this date will have to do so
in the new format.
List of changes in Form 16 Format:
  • The nature as well as amount of
    Tax-Exemption should be mentioned by Employer.
  • The Part B of form 16 has been
    amended to provide the section wise break-up of various exemptions allowed
    under section 10 of the Income Tax Act.
  • Form-16 will also contain the
    break-up of all the tax-related deductions under section 80C to 80U
    claimed by taxpayer from the salary paid to him/ her by your employer.
  • If a taxpayer has received
    salary from his/ her ex-employer or other employer during the previous
    year and same has been reported to the current employer for TDS purposes,
    then separate reporting is required in case of such a salary income new
    Form 16.
  • Standard deduction, announced
    in the Budget 2018, has also been introduced in Form16 under the head ‘Deduction under section 16’.
  • Now, income apart from salary
    is confined and can only be reported under Income from
 The
main feature of this Excel Utility:-
13)                    
Prepare At time 100 Employees
 Excel Based  Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT
Notification No.36/2019 Dated 12/04/2019 ]
14)                    
All the Amended Income Tax
Section have in this utility as per Budget 2019
15)                    
You can print individual Form
16 Part  A&B
16)                    
Most easy to install just
like an Excel File
17)                    
Easy to Fill all column

18)                    
Automatic Convert the Amount
to the In-Words

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