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You Must Know About Tax Form 16, Plus Automated Master of Form 16 Part B for Financial Year 2014-15 and Ass Year 2015-16

In this fast
moving world, young individuals switch job more often with an aim to get better
opportunity and better increment.


Form 16, is very
vital for the salaried employee while filing tax returns.
However, a
situation may arise when they have to file returns and are left with multiple
Form 16. Here are 10 things you must know on Form 16.

Download the Automated Master of Form 16 Part B for FY 2014-15 [ This Excel Based Utility Can Prepare at a time 50 employees Form 16 Part B]

 

Download the Automated Master of Form 16 Part A&B for FY 2014-15 [ This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B]

 

1) Form 16 is
issued by the employer to employee. This certificate provides all details of
salary earned and tax deducted at source by the employer.
2) If a person
has changed job, he needs to collect the Form 16 from both the employer at the
year end, with the help of both forms only he would able to file his returns.
3) An individual
can have multiple Form 16 in cases such as change in job or  working with
multiple employers simultaneously.
4) If your salary
drawn is below the basic exemption limit, you may not be issued with this
certificate by your employer as no TDS is deducted.
5) If your
employer has not provided with Form 16, you can check the salary slip as it
will mention the same.
6) Form 16
includes key information required such as gross salary, perquisites, various
allowances and deductibles.
7) If you have
changed the job in the same financial year, authorities require you to sum up
the total income from both the employers and file income tax return.
8) If the
previous employer has not issued form 16 on account of some reason such as no
tax deduction at its end, employee can file the return taking into
consideration the pay-slips plus the form 16 issued by the new employer.
9) If you do not
wish to furnish form 16 issued by your previous employer to the new employer,
you can file tax return taking cues from the two form 16 issued by the previous
and new employer.
10) Form 16 will must
mention the PAN Number of the employer.

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