All of the taxpayers as well as the all of the Govt and Non Govt Concerned have know what is the Form 16. The Form 16 is now two parts. One is Part A which must be download from the TRACES PORTAL and the Form 16 Part B is Mandatory to prepare by the Employer.
In the Form 16 Part A have all the details of Tax deductions and deposited to theCentral Govt
And the Part B have all of the employees Salary details. Which is mandatory to prepare by the Employer as per the CBDT Notification.
What is Form 12BA?
When an employee receives ‘perquisites’ from his job, Form 12BA is provided by his employer to the employee. Perquisites are the benefits derived from a job or a position and these are in addition to salary already being paid to the employee.
Some of the examples of perquisites are – education facility to employee’s children, interest free loan, medical facility, credit card, furnished or unfurnished house without rent etc.
This form is basically a detailed statement with information about perquisites, fringe benefits or amenities and profits in lieu of salary. The Income Tax Act has set out rules for calculation of monetary value of these perquisites. The value of these payments is shown in the form and also the amount that is taxable for the employee towards these perquisites.
Do note that this is form is additional to the Form 16 you will receive from the employer. Value of Perquisites u/s17(2) of the Income Tax Act is already included in the Part B of your Form 16 –see hereThe TDS deducted on perquisites is also included in Form 16. Therefore Form 12BA is an additional detail meant only for perquisites.