Form 16 Process – A summary of the activity
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Form 16 is a statement of tax deducted at source by the employer from the income of the employee chargeable under the head “Salaries” in the organization.
Through this activity, you can perform tax processing for an employee or a group of employees.
It computes the total earnings earned by the employee working for the employer in the tax year. It includes deductions made and the amount of tax deducted at source by the employer.
Processing Form 16 involves specifying
The tax year for which tax processing must be performed.
Employee(s) for whom tax processing must be performed.
Session ID: The system checks whether all the prerequisite conditions required for processing are satisfied. If they are satisfied, these parameters are automatically saved. Once they are saved, the system generates a Session ID.
The session ID uniquely identifies the tax processing that a system carries out for an employee or selected employees This unique ID is necessary when more than one employee is being processed simultaneously. You cannot process a tax processing without a session ID.
For example, if two different users simultaneously carry out the tax processing for a group of employees and if one user decides to abort; the system identifies the tax processing to be aborted with the session id.
Getting familiar with the pages inside
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Form 16 Process |
The employee(s) must be mapped to a payroll and a payset.
The employee related details must be defined in the “Employee Tax Details” activity and “Employee Perquisite Details” activity.
What you can do in this activity
Processing Form16 for the employee(s)
Process Form16 for the employee(s)
You can process Form16 for selected employees or all the employees for a tax year.
Specify the employees whose Form16 must be processed
Save the parameters
Initiate tax processing