Our last blog has already updated you about the recent amendment on the Form 16 generation. Now, since the Part A of Form 16 should be generated using the TRACES portal and Part B can be prepared by the employers, you must be thinking:
- How can I generate the Part A from TRACES?
- How do I merge the two Parts? Or is it mandatory to merge?
- How can I distribute this to the employees?
- What happens to Digital Signature?
And, how does this happen in Greytip Online?
As always, we have made sure that Greytip Online is enhanced as per the latest statutory updates. Here’s how the process works: -
Phase 1 - TRACES Registration
TRACES is the Web application of Income Tax Department for TDS administration.
- You gotta register with TRACES portal providing your TAN/PAN no.
- Once you register your request will be queued for processing. You can check the status of your request in the portal.
- In the meantime you can download the ‘TRACES PDF Generation Utility’ which you will need to generate Part A of From 16 into PDF version. Know the process in detail on how to install the ‘TRACES PDF Generation Utility’ application on your desktop.
- Once the installation is completed you can check if your request has been processed. If your request is available you can download the Part A forms of your employees in a ZIP file.
- Convert the Part A of the Form 16 into a PDF file using the ‘TRACES PDF Generation Utility’ and save them in your system. Each file name will consist of the Employee PAN no. and the financial year.
Phase 2 - Generate Part B from Greytip Online
Greytip Online has enhanced its features to simplify the process for you.
- Go to Form 16 page of the Greytip Online.
- Select the assessment year and upload all the Part A PDF files that you generated using ‘TRACES PDF Generation Utility’. You can either opt to upload each file individually or ZIP and upload all at once. You can see the status of your files uploaded. In case any PAN nos. of the Part A files are not found in your employee database or repetition of same PANs, ‘Greytip Online Error Log’ will show you what you need to rectify. You can, then, update your employee database and upload the Part A files once again.
- Using the Part A View tab you can validate if the Part A forms are matching with the related employee PAN no.
- Go to ‘Option’ tab to select if you want to merge the Part A and Part B. You can opt to send the forms unmerged.
- Digitally sign your form and you can circulate through Email or manually.
Once you release Form 16 the documents will be available to employees through employee portal as well.
For further information please visit our Wiki page or get in touch with our support executives.