What is Form 16 Annexure B?

What is Form 16 Annexure B?

FORM 16 B. Form 16B is the TDS certificate issued against the income earned on the sale or transfer of immovable property. Under Section 194-IA of the Income Tax Act, immovable property refers to a building, a part of a building, and land (other than agricultural land) whose value is INR 50 lakhs or more.

What is annexure to form No 16?

It is an annexure to Part A, Part B is prepared by the employer for its employees and it contains details of the breakup of the salary deductions approved under Chapter VI-A. In case of a job change in one financial year, Form 16 should be obtained by both employers.

How can I download Form 16 A and B?

Steps to download Form 16 from TRACES

1. Login to TRACES.
2. Navigate to downloads from the dashboard.
3. Select Financial Year and PAN.
4. Details of authorised person.
5. Select either of the following for KYC validation:
6. Option 1: KYC Validation using DSC.
7. Digital Signature KYC – option 1.
8. Digital Signature Certificate option.

How can I download Form 16 Part B from traces?

Step by step procedure on how to generate Form 16 Part B from TRACES.

1. Login to the TRACES account.
2. Go to Downloads >> Form 16.
3. Bulk PAN download FY 2018-19.
4. Fill in Challen Identification Number details and Unquie PAN-Amount combination.
5. Submit the request and wait for 5-6 hours.
6. Go to Requested Download.

Is it mandatory to issue Form 16 Part B from traces?

After revising the information to be provided in Part-B of Form-16, CBDT has issued another notification where it has made it mandatory for employers to download and issue Part-B of Form 16 to employees only from the TRACES portal. This notification was issued on May 6, 2019.

What happens if Form 12B is not submitted?

Form 12B contains all the key information like your employers’ PAN and TAN details, salary paid to you, the tax deducted, professional tax paid on your behalf, etc. In the case you don’t submit these details, both your past and the current employer will give you Form 16 and you will need to reconcile them.

Is Form 16B mandatory?

Form 16B TDS is mandatory in India, and its non-issuance leads to a penalty. A penalty of Rs. 100/day is incurred for the same. It must be noted, the deductor has to furnish this form to the concerned payee within 15 days calculated from the due date to furnish challan-cum statement in Form 26QB.

Can I download Form 16 online as a taxpayer?

You can download the form from the online website of the Income Tax department as well. This form is available in the PDF format, which can be printed.

How long does it take to get Form 16B?

Deductor shall issue Form 16B to the payee within 15 days from the due date for furnishing Form 26QB and Form 16B can be generated and downloaded from TRACES – TDS Reconciliation and Analysis and Correction Enabling System.

What is the difference between Part A and Part B of Form 16?

Part A has information of the employer & employee, like name & address, PAN and TAN details, the period of employment, details of TDS deducted & deposited with the government. Part B includes details of salary paid, other incomes, deductions allowed, tax payable etc.

What is form 16 Part B?

Form 16 Part B. Part B of form 16 is the Annexure and contains other essential details, apart from those mentioned in Part A. This is the part that really matters, as it adds lots of detail to what is mentioned in Part A. For instance, the Part B has the salary completely broken down, as per the salary slip.

Where can I find Annexure I information for form 16?

In addition, the tax department uses Annexure I information to populate Part A of Form 16 which is downloaded from the TRACES site after Form 24Q for the last quarter is filed. An extract from Part A of Form 16 is as follows:

What is the difference between form 16 and form 24Q?

In contrast, the salary figure in Part B of Form 16 shall be the total salary paid to the employee from April to March. Here is the Part A of an employee who does not feature in the first quarter Form 24Q because of zero tax in the first quarter.

Are the salary amounts across Annexure I and Part B equal?

The Income Tax Department has stated that the total salary amount across Annexure I (Part A salary figure) of the 4 Form 24Q files in a year need not match with the total salary amount shown in Annexure II (Part B salary figure) of the fourth quarter Form 24Q. In other words, salary amounts between Part A and Part B of Form 16 need not be equal.