Form-16 Generation As Per TRACES

As per Notification No. 09/2019 dated 06th of May 2019 by CBDT Ministry of Finance, Government of India, all deductors (including Government deductors) shall be able to generate and download the TDS certificate Form 16 Part-A and Part-B through TRACES.

But the limitation of the TRACES Form 16 is that you have to manually fill the details of each employee in the “Amount of any other exemption under section 10”  and “Amount deductible under any other provision(s) of Chapter VI‐A”

Skorydov is going to launch a utility for Form 16 generation which will be very beneficial to the Employer and the Employee.

Benefits for the Employer:

• Import the details through excel of “other exemption under section 10” and “Amount deductible under any other provision(s) of Chapter VI‐A”.
• Create Form 12BB in addition if required.
• Create Salary Annexure of each employee.
• Generate single Digitally Signed Form 16 with Part-A, Part-B, Form 12BB and Annexure.
• Secure Form 16 with the Password.
• E-mail to Employee option through the software.

Benefits for the Employee:

• Create ITR summary for your employees.
• Option of one-click Income Tax Return filing through myITreturn.com.
• Special discount coupon for your employees*.

Step-wise easy process flow guide for the generation of Form-16:

There are two scenarios this year depending on the date of 4th quarter TDS return filing which is as follows:

1. If you have filed your TDS return before 12th of May then you can generate your form 16 Part A using TRACES utility and you can create Part B of the same using Skorydov Smart Form 16 or Advance form 16. Refer below image for process flow.

   

2. If you have filed your TDS return on or after 12th of May then you can generate your form 16 Part A and B using TRACES utility but the limitation of the TRACES Form 16 is that you have to manually fill the details of each employee in the “Amount of any other exemption under section 10”  and “Amount deductible under any other provision(s) of Chapter VI‐A”. Skorydov is going to launch a utility for Form 16 generation which will be very beneficial to the Employer and the Employee. Refer below image for process flow: