Dear All,
if I want to prepare form 16 of any employee what criteria to be remember i.e. exemption of HRA, Deduction u/s 80C, 80D etc., if any one have full notes please give me, I am totaly new in this field.
Thanks in advance.
7 Replies
Shyam C.Pujara
(Student (C.A Final))
(177 Points)
Replied 14 February 2013
Hi, Priyanka
While preparing form 16 of an employee you need to consider some of the basic aspects of income tax regarding computation of income. Here are the points to be included in form16.
1. Name and address of employer.
2. Name and designation of person deducting tax.
3. PAN and TAN number of person deducting tax.
4. Challan Identification Number (CIN).
5. Name and designation of employee.
6. PAN number of employee.
7. Assessment and previous year.
8. Income under various heads. Add all taxable perquisites u/s 17(2) and profits in lieu of salary u/s 17 (3) and Deduct the allowable deduction u/s 10, 16 and 17 (Children Education Allowance, Children Hostel Allowance, Entertainment Allowance, H.R.A, Transportation allowance, Leave Travel Concession, Medical Reimbursement Allowance (If any)) from salary income.
9. Deduct all deduction u/s 80C to 80U.
10. Calculate the Tax as per the relevant Finance Act.
11. Details to Tax Deducted at Source month wise (Date of deduction, date of deposit in bank, Challan number and bank BSR code.
Hope this will help you in solving your problem
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 14 February 2013
Nicely Explained ....by Mr Pujara.
.
Please go through point wise in the Form 16 and try to fill up it completely .
.
Do not forget to gget it signed by the Authorised Person - manually or digitally.
.
Hardeep
(Auditor/Accountant)
(49 Points)
Replied 15 February 2013
Is it not compulsory now tissue tds form generated from specified site?
CA Parul Saxena
(CA)
(8517 Points)
Replied 15 February 2013
It is now compulsory to issue tds certificates which are generated from income tax website only. Then why are you preparing Form 16?
Shyam C.Pujara
(Student (C.A Final))
(177 Points)
Replied 15 February 2013
Dear Parul,
The form which is to be downloaded from income tax website is TDS certificate Form 16A and what priyanka is asking for is Form 16.
Hardeep
(Auditor/Accountant)
(49 Points)
Replied 15 February 2013
Ok thanks for clarification.is there any free fotware to generate form 16 from excel data.
priyanka
(accountant)
(74 Points)
Replied 15 February 2013
Dear All,
Thanks for your reply, Can you provide me exemption criteria for HRA, pf, housing loan and if other, which is require for form 16 prepration.
Regards
Priyanka
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