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Print Income Tax Form 16 Using TallyPrime (Payroll)

Form 16 is the Certificate issued for tax deducted at source from income chargeable under the head Salaries.

The format of Form 16 for the u/s 115BAC tax regime is not yet notified by the department. The Form 16 is generated as per the format used in the previous year. The current format remains applicable for regular tax regime.

You can generate Form 16 along with Annexure A or Annexure B depending on Deductor Type selected in F11 (Features) of Company.

  • Annexure A if the Deductor Type is Government
  • Annexure B if the Deductor Type is Others

 

Generate Form 16

  1. Gateway of Tally > Display More Reports > Payroll Reports > Statutory Reports > Income Tax> Form 16.
  2. Select the required Employee from the List of Employees and press Enter.
  3. Press P (Print) to print and press C (Configure) to specify the following details in the Print Configuration screen:
    • From: By default displays 1-4-2010 which can be changed.
    • To: Enter the To date (by default it will be 31.03.2011)
    • Quarter Acknowledgement details: Specify the acknowledgement number of the TDS returns filed against the appropriate Quarter.
    • CIT (TDS) Details: In this section enter the address of the Commissioner of Income Tax having jurisdiction for TDS deduction for the assessee.
    • Name of the Person Responsible: Specify the name of the person responsible for Income Tax Deduction.
    • Son/Daughter of: Specify the father’s name for the TDS Deductor
    • Designation: Specify the designation of the person responsible for TDS Deduction
    • Challan till date: In this field enter the date to consider the challan payments made.
    • Type of Copy: Specify Original or Duplicate as required
    • Place: Enter the name of the Place (e.g. Bangalore)
    • Date: Specify the Date of issue of Form 16.
    • Include Previous Employer Income: Set this option to Yes to print income earned by the employee from their previous employer.
    • Include ‘Part A’ while printing: Set this option to Yes to print income Part A in Form 16.
  4. Display name for Employee: Select the Display Style for the Employee Names, like Name Only, Alias Only, etc.



Similarly, the Form 16 can be generated for all the employees.

Note: In Form 16, the value declared for Rajiv Gandhi Equity Saving Scheme will be printed in Section 9, Deductions under Chapter VIA.

As per Finance Bill 2024-25, for employees under New Tax Regime, the Standard Deduction has been revised from Rs. 50,000 to Rs. 75,000. To know more about the latest income tax slab rates of the new tax regime, refer to the Finance Bill (No.2) 2024-25 topic.

Facility is provided to print only the duplicate copies of Form 16.

 

Updates Supported as per the Latest Changes in the Tool

Field Name

Updates

1. Gross Salary:

Reported total amount of salary received from
other employer(s)

The field is introduced to show the salary of the previous employer separately.

To view this, enable Include Previous Employer Income while printing Form 16.

This includes the following:

  • Salary as per provisions contained in section 17(1)
  • Value of perquisites under section 17(2) (as per form no. 12BA, wherever
    applicable)
  • Profit in lieu of salary under section 17(3) (as per form no. 12BA, wherever
    applicable)

Allowances to the extent exempt under section 10

Every allowance exempt under Section 10 should be printed along with the section and clause number.

For example: Transport Allowance 10(5)

Deductions Under Chapter VIA: Each deduction should appear along with the section details.

(A) Section 80C, 80CCC, 80CCD,
and so on

—

(B) Other Sections (such as 80E, 80G and 80TTA) under Chapter VI-A

As in option A, each section will have the
title and respective components under it.

For example:

a) Section 80D

<component>

Surcharge

This field should be numbered as 15.

This column should be introduced after the rebate column; therefore, while computing the net tax payable, this value should be considered.

 

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