Features and Important Components of Form 16 – Download in Excel Format

Functions and Crucial Components of Kind 16– Download Type 16 in Excel Format. Just Recently we Also Offer Form 16 Utility in Excel Formate and Latest Income Tax Piece rates for AY 2017-18, ay 2016-17, FY 2014-15 and For AY 2015-16 CAknowledge.in supply all details about Form 16 like What is type 16, Download Form 16 Excel energy, Features and Essential parts of Kind 16, Duty of Company and Worker etc. now you can scroll down below and check total information relating to ” Functions and Crucial Parts of Form 16″

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Content in this Article.

Functions and Essential Components of Type 16

Features of Kind 16

The following features make Kind 16 a fundamental part of the whole procedure of filing Income Tax Returns in India. The Form is particularly essential to Employees working in a company or company.

  • It applies to Employed workers
  • It is a Tax Deduction at Source (TDS) Certificate released by the Company
  • It functions as evidence that the Employer has actually deducted TDS while paying the Staff member
  • It is proof of the Wage that the Staff member receives
  • It reflects the amount of Earnings Tax paid by the Employer on behalf of the Staff member
  • It can be used by the Worker as evidence of his Earnings if the Earnings Tax Department wishes to inspect the Tax return in detail
  • Only an Employer with a TAN (Tax Reduction Account Number) is eligible to deduct TDS, and for that reason issue a Form 16
  • If TDS is not subtracted the Employer is not under obligation to provide a Kind 16 to the Staff Member
  • If TDS is deducted, the responsibility to release the Kind 16 to the Staff member lies with the Employer
  • Information given on a Kind 16 can be corrected.
Form 16 CAknowledge.in

Essential Parts of Form 16

Following are couple of key parts that are found in a Form 16

  • Individual information of the Employee including Name, Permanent Account Number (PAN) and so on
  • Company details including Call, irreversible account number PAN, TAN etc.
  • Recognition Variety Of the Earnings Tax Payment made by the Company
  • Information of Income consisting of Gross Salary, Net Wage, Perquisites, Deductions and so on
  • Overall Earnings and Total Tax deducted
  • Information of Education Cess or Additional charge and so on
  • Tax deducted as per Area 192 (1A)
  • Invoice Number of the TDS Payment
  • Balance Tax Payable by the Employee or Refundable to the Employee
  • Details of Tax Payment consisting of Cheque Number, DD Number, Coupon Number, Challan Number and so on
  • Declaration of Tax Payment by the Company

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