Form 16 in Excel Format for AY 2019-20 with Auto Calculations

Under section 192 of the income tax act,1961 every employer should deduct TDS form employee salary. These deducted TDS details are acknowledged in form 16 (TDS certificate). Here you can download auto income tax calculator for fy 2018-19 (ay 2019-20) or form 16 in Excel format for AY 2019-20 with an example. This form 16 is updated as per the recent changes according to interim budget 2019.

Form 16 in Excel Format for AY 2019-20 Free Download

New Format of Form 16 Will Be Available After 12th May 2019

Recently CBDT (Central Board of Direct Taxes) has announced that the tax deducted employees will get the new format of form 16 from their employer from 12th May 2019. The new form 16 makes it easier to identify the differences between form 16 and ITR.

The new format of form 16 consists specified list of tax exempted allowances and deductions, whereas the present form 16 didn’t consist of these details in a detailed manner.

Now employees can see the income from the previous employer, which they have reported to the new employer on form 16.

The new format of form 16 consists of detailed information of various tax breakups claimed under section 80C and 80 D.

Latest changes in Income Tax Rules as per Budget 2019

A rebate of 12,500 Rs has given to the salaried employees up to a taxable income of 5 Lakhs i.e if your taxable income is below 5 lakhs then you don’t need to pay any income tax.

(For example, if your taxable income is 5 lakhs then you don’t need to pay any income tax, earlier employees need to pay 5% tax on amount more than 2.5 Lakhs. But now due to this rebate, you are exempted from the tax. But if your taxable income is 5,50,000 then you are liable to pay income tax. You need to pay 5% tax on 2.5 Lakhs and 20% tax on remaining 50000).

Standard deduction has increased to 50000 Rs, earlier it was 40000 Rs.

The limit of interest income for TDS has increased to 40000 Rs, earlier it was 10000 Rs.

The limit of rental income for TDS has increased to 2.4 Lakhs, earlier it was 1.8 Lakhs.

Income Tax Slab Rates for Ay 2019-20

Individuals below 60 YrsSenior Citizens 60-80 YrsSuper Senior Citizens Above 80 Yrs
Taxable IncomeTax RateTaxable IncomeTax RateTaxable IncomeTax Rate
Up to 2.5 LakhsNilUp to 3 LakhsNilUp to 5 LakhsNil
2.5 – 5 Lakhs5%3 – 5 Lakhs5%5 Lakhs – 10 Lakhs20%
5 -10 Lakhs20%5 – 10 Lakhs20%Above 10 Lakhs30%
Above 10 Lakhs30%Above 10 Lakhs30%

Form 16 Part A Sample Filled

Form 16 in Excel Format for AY 2019-20

Form 16 Part B Sample Filled

Form 16 in excel format for ay 2019-20 free download

Also read: How to Fill Form 15G for PF Withdrawal

How to Fill Form 16 for Salary With Example

Salaried employees whose annual salary is above 2.5 Lacs are eligible for form 16. Simply form 16 is a TDS certificate which acknowledges that tax deducted from your salary. Form 16 consist of 2 parts. Part A consists of details of the employee and employer. Part B consists of salary details of employee and tax exempted allowances.

Every employee whose annual gross salary is more than 2.5 Lacs can get form 16 from their employer. The employer can provide your form 16 by downloading it from TRACES website by using their TAN number. If you want to know more details about form 16 then read this example.

Example:

Ex: An employee’s annual salary8,00,000 Rs
HRA (House Rent Allowances)64,000 Rs per annum
The standard deduction50000 Rs
Tax on employment2500 Rs ( Professional tax up to
2500 Rs is tax exempted)
Now deduct and HRA+standard deduction+tax on employment
from total annual salary
8,00,000 – (64,000+50,000+2500)= 6,83,500 Rs
Now deduct the amounts under section 80CLIC: 40000 Rs
Tuition Fee: 30000 Rs
As per income tax slab rates 2019 up to 250000 Rs, there is no TDS. From 2,50,000 Rs to 5,00,000 Rs
there is a TDS deduction of 5% and above 5 Lakhs there is a TDS of 20%
Now divide 6,13,500 in to 3 parts25000 (no TDS) + 250000 (5% TDS) + 113500 (20% TDS)
So 0 +12500 + 22700 = 35,200 Rs
Now add 4% education and health cess23850 x 4% = 1408 Rs
So a total of 36,608 Rs will be deducted as TDS from the employee salary.

Form 16 Related Questions

Difference between form 16 and form 16A

Form 16 and form 16A both are TDS certificates, whereas form 16 is used to file returns on income from salary and form 16A is used to file returns on income other than salary, for example, interest from fixed deposits in banks, income from house rents etc.

Difference between form 16 and form 26AS

Form 26AS is the annual statement of income tax returns it consists of details of form 16, form 16A and refunds. Form 26AS shows complete details about IT returns of the employees.

Can we download form 16 online

Yes, if the tax is deducting from the income then you can download your form 16 or form 16A online at TRACES website. If you are a first time user then you need to register at TRACES website (Tax Reconciliation Analysis and Correction Enabling System). If you are an employee then you can get form 16 from your employer.

Last date to file income tax returns for ay 2019-20

The last date to file income tax returns for ay 2019-20 is 31 July. Any delay in filing income tax returns leads to 1% interest per month on pending tax dues. For more details read this article on interests on late payment of income tax.

1 thought on “Form 16 in Excel Format for AY 2019-20 with Auto Calculations”

  1. If ESI deducted on Salary and salary is also less than 20000 how the form 16 Format we genrate

    Please advice

    Thanks
    Mahendra Singh

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