The Income Tax department has revised Form-16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance.
It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee, as well as income from other sources.
Form-16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid-June and is used in filing IT returns.
The revised form, which has been notified by the Income Tax department, will come into effect from May 12, 2019. This means the income tax returns for the financial year 2018-19 will have to be filed on the basis of the revised Form-16.
Among other things, the revised Form-16 will also include details of deductions in respect of interest on deposits in a savings account, rebates and surcharge, wherever applicable.
Download And Prepare At a Time 50 Employees Automated Income Tax Form 16 Part B with Form 12 BA (Modified Format) [ThisExcel Utility Prepare At a time 50 Employees Form 16 Part B With Form 12 BA in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
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