TDS || How to Generate Form 16 and Computation Report in Software Format
Form 16 → Form-16 is the official TDS certificate provided by your employer upon deducting TDS. It is a statutory requirement under the Income Tax Act for employers to issue this certificate, which verifies the particulars of tax deducted and deposited from employees' salaries.
Computation Report → Income computation entails the meticulous calculation of an assessee's earnings and the determination of the corresponding tax liabilities for the relevant financial year. An Income Tax Return (ITR) computation serves as a comprehensive summary, delineating the taxable and exempt incomes, deductions, tax liabilities, and payment details of the assessee in a structured manner.
To accurately generate Form 16 and a computation report using the software, follow these detailed steps:
- Begin by accessing the software and navigating to the "Deductee Transaction" section.
- Within this section, locate and click on "Salary Details (Annexure II)" to proceed.
- Select the appropriate employee for whom you are generating the Form 16.
- Choose the relevant section 115BAC (1A). This step may vary based on the specific requirements.
- Input the complete income and deduction details for the selected employee, ensuring accuracy in the data entered.
- Once all necessary information is entered, save the record to proceed further.
- Now, move to the left-hand bottom side of the interface and locate the dropdown menu.
- From the dropdown menu, select "Annual Salary Details" to access a comprehensive overview of the employee's salary details.
- Review the displayed information thoroughly to ensure completeness and accuracy.
- Within the right panel of the interface, locate and select the "Print 16" option. This action will initiate the generation of Form 16 for the particular employee.
- Verify that both Part A and Part B of Form 16 are included in the generated document.
- To proceed with computation, click on the designated "Computation" button within the "Annual Salary Details" window.
- Review the computation results meticulously to confirm accuracy and completeness.
- Make any necessary adjustments or corrections as required before finalizing the computation.
By following these elaborate steps meticulously, you can ensure the accurate generation of Form 16 and a comprehensive computation report using the software.
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