[ad_1] The amended form will come into effect from May 12, 2019. In other words,This means the income tax returns for financial year 2018-19 will have to be filed on the basis of revised Form 16 However,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. The amended form will come into effect from May 12, 2019. For instance, This means the income tax returns for financial…
Category: Automated Income Tax Form 16 Part B for A.Y. 2020-21
New Format of Form 16 for A.Y. 2019-20 With Automated Income Tax Master of Form 16 Part B for F.Y. 2019-20
[ad_1] 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. 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…
Claiming tax relief on salary arrears? Don’t forget to file Form 10E With Automatic Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E in Excel from the F.Y. 2000-01 to F.Y. 2019-20
[ad_1] Receiving salary or pension in arrears might change your tax situation. You may fear it’s going to move you up a tax slab. Or tax rates may be higher in the year arrears are received as compared to the year to which they belong. To protect you from any additional tax burden, due to delay in receiving income, the tax laws allow a relief under Section 89(1). This relief can be directly claimed in your income tax return, if you have received any portion of your salary in arrears.…
Why is Form 16 Required and its Importance for ITR with Automatic Income Tax Form 16 Part B for F.Y. 2019-20
Is the Form 16 Mandatory? Form 16 is a TDS Certificate that must be provided to employees, by their employers. It certifies that the income tax on your income from salary has been deducted at source, and deposited with the Central Government Account. In other words, Form 16 is one of the most important documents for filing your Income Tax Returns, as it contains most of the details required for filing your returns. Whether Form 16 is mandatory or not, is a common query that you may have thought about.…
Instant PAN through Aadhaar Card – How to apply for instant PAN?
[ad_1] Income Tax haslaunched the facility of issuing Instant PAN card through Aadhaar. Thisfacility is free and available on the Income Tax e-filing website. It is acompletely paperless process with the issuance of e-PAN card nearly real-time.The e-PAN card issue via this method holds similar value as a physical PANcard. This card contains a QR code. QR code holds complete information aboutPAN card such as Name of the holder, DOB, Father’s name as well as biometric.In order to get Instant PAN card all you need is Aadhaar card and linked…