Budget 2020 has introduce a New Section 115 BAC for the Financial year 2020-21 and you have opt-in a Option about New and Old Tax Regime through the New introduces Form 10-IE in the time of Income Tax Filling
In this Section have an option for you can opt-in as Old Tax Regime (Old Tax Slab) and another is New Tax Regime (New Tax Slab)
If you chose the New Tax Regime, you can not avail any Income Tax Benefits except the New Tax Slab. Or If you are chose the Old Tax Regime, you can choose the all income tax benefits as per the Income Tax Act 1961.
This option can be given through a Newly Introduced Option Form 10-IE by the CBDT As per the new section 115 BAC.
Download Automated Income Tax Salary Certificate Revised Form 16 Part A&B for the Financial Year 2020-21 as per U/s 115 BAC (Old and New Tax Regime) [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]
let’s discus about the form 16. Form 16 is your salary TDs certificate. If your income from salary for the financial year is more than the basic exemption limit of rupees 2.5 lakh your employer will deduct TDs on your salary and deposited with the government.
If you have disclosed your income from other heads to your employer, he or she will consider your total income for TDs deduction form 16 has two parts. Part A and Part B, you should informed to your employer, like name and address pan and tan details, the period of employment details of TDs deducted and deposited with the government.
In Part V includes details of salary paid other income deductions allowed tax payable etc.. While form 16 is only for your salary form 16 is applicable for TDs on income, other than salary. For example, form 16 shall be issued to you.
When a bank deducts TDs on your interest income from fixed deposits for TDs deducted on Insurance Commission and four TDs deducted on your rent receipts, all the details of form 16 are also available on Forms 26 AS. Form 16 is issued annually, while form 16 eight is issued quarterly.
Conclusion:- As per the CBDT Notification that the Income Tax Form 16 must be download from the Traces Portal in the Income Tax Department. And the Form 16 part B can be prepared by the Employer of the Government and Non- Government concerned.