Live Webinar by Akash Mahagaonkar on Change in Issuance of Form-16 Procedure for FY 2012-2013

1. CONSULTING | OUTSOURCING
STATUTORY CHANGE IN ISSUANCE OF FORM-16
Live Webinar on 25 April 2013
To Join on Call : 1800-1033-829
Conference Password : 195-1-1234
CONSULTING OUTSOURCING

2. CONSULTING | OUTSOURCING
In Today’s Webinar…….
• The New Form-16
• Revised Issuance Procedure for Form-16
• Expected Complexities in Issuance
• Our Suggestions to comply with the New Regulation
• Discussion & Sharing of Ideas/Cases
• Closing

3. CONSULTING | OUTSOURCING
The New Form-16
Part-A to be downloaded from TRACES
Part-B to be generated by Deductors
Issued to the
Employees

4. CONSULTING | OUTSOURCING
The New Form-16
– PART A
to be issued
Separately

5. CONSULTING | OUTSOURCING
The New Form-16
– PART A
downloaded from
TRACES

6. CONSULTING | OUTSOURCING
The New Form-16
– PART B
to be issued by
Employer

7. CONSULTING | OUTSOURCING
The New Form 16
• Few more Changes
• Notification Dated 19.02.2013
– 80TTA [ Savings Bank Interest Exemption ] added
– But made no mention of 80CCG
• Notification Dated 17.04.2013
– Change in issuance procedure

8. CONSULTING | OUTSOURCING
Revised Issuance Procedure
Until FY 2011-2012, Employers issue Form-16
(Part A & Part-B) as 1 Single Document.
OPTIONS

9. CONSULTING | OUTSOURCING
Revised Issuance Procedure
With Effect from FY 2012-2013, 2 Separate
Documents to be issued.
OPTIONS

10. CONSULTING | OUTSOURCING
Depending on the Employer, the following
additional pages needs to be issued, as applicable
Annexure to
Form-16
Form 12BA

11. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
• Cannot be Issued as 1 Single Document
• Signing (Digital/Manual) on both the documents
• Possibility of Mismatch of Data on Part-A & Part-B
• Login to TRACES
• Time Consuming & Complex generation of Part-A
• Incorporate Changes in Form-16 Format
• Printing & Handling of Part-A will be a challenge
• Employee Satisfaction – Too many Documents

12. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Cannot be Issued as 1 Single Document
Part-A
Part-B
Annexure to Part-B
Annexure to Form-16
Form 12BA

13. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Cannot be Issued as 1 Single Document
Part-B
Annexure to Part-B
Annexure to Form-16
Form 12BA
Part-A

14. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Signing (Digital/Manual) on both the documents

15. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Possibility of Mismatch of Data on Part-A & Part-B
TDS Deducted
Details SHOULD
Match

16. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Possibility of Mismatch of Data on Part-A & Part-B
TDS Deducted
Details SHOULD
Match
May Not Match for the following scenarios
•PART A Will not be generated for PAN Not Available Cases
•PART A Will not be generated for INVALID PAN
•Name & Address of the Employee will be as per PAN Database
•If Challans are unmatched, Employee will not get Tax Credit
•If Incorrect/Inaccurate E-TDS Filings are done, Employee will not get Tax Credit

17. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Login to TRACES
ERROR

18. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
Login to TRACES
ERROR

19. CONSULTING | OUTSOURCING
Expected Complexities in Issuance
• Cannot be Issued as 1 Single Document
• Signing (Digital/Manual) on both the documents
• Possibility of Mismatch of Data on Part-A & Part-B
• Login to TRACES
• Time Consuming & Complex generation of Part-A
• Incorporate Changes in Form-16 Format
• Printing & Handling of Part-A will be a challenge
• Employee Satisfaction – Too many Documents

20. CONSULTING | OUTSOURCING
Our Suggestions to comply with the New Regulation -1
• TRACES
– Create Login as soon as possible, if not yet created

21. CONSULTING | OUTSOURCING
Our Suggestions to comply with the New Regulation -2
• DECIDE THE MODE OF SIGNATURE ON FORM-16
– And get the necessary infrastructure in place
• If Digital Signature
– Vendor for Signing Part B of Form-16
– Digital Signature Procurement before 28.05.2013
• If Manual Signature
– Printing Equipments

22. CONSULTING | OUTSOURCING
Our Suggestions to comply with the New Regulation -3
• File your Q-ETDS Returns as quick as possible. Don’t wait for May 15th
2013.
• Once accepted on TRACES, Immediately provide request for Form-16
• Form 16 will be generated based on PAN Numbers. Have a List of your
Employee PAN Numbers ready

23. CONSULTING | OUTSOURCING
Our Suggestions to comply with the New Regulation -4
• Ensure to perform an Audit of your Q-ETDS Filings to enable NO MIS-
MATCH between Part-A & Part-B

24. CONSULTING | OUTSOURCING
Our Suggestions to comply with the New Regulation -5
• Your Payroll Tool/Vendor should have the new format of Form-16 in place
as soon as possible.

25. CONSULTING | OUTSOURCING
Our Suggestions to comply with the New Regulation -6
• Have a Target Date to issue Form-16’s & Work Backwards.

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Discussion & Sharing of Ideas/Cases

27. CONSULTING | OUTSOURCING
Thank You