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Title: Greytip Online enhances Form 16 module to support customers

comply with recent Income Tax amendments

Category: Technology & IT


Bangalore, India May 23, 2013 Greytip has enhanced the Form 16 generation feature of its cloud
based HR and Payroll Software, Greytip Online, to support its customers comply with recent amendments for TDS management. The recent amendment from the Income Tax Authority, India clearly specifies that manually prepared Form 16 or Form 16A (for deduction under any other provision of Chapter XVII-B of the Act) shall no more be valid for the income deductions made on or after 1st April, 2013. As per the official circular from Income Tax Authority, India (TDS reconciliation analysis and correction enabling system), Employer should generate TDS Certificate online. TDS Certificate in Form no. 16 as notified vide notification no.11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income. Part A shall be mandatorily generated through the TRACES portal by following guidelines mentioned there. As per circular, Form 16 generated manually or from any other manner other than TRACES portal is not valid. Part B of Form 16 which is the statement of income of an employee can be prepared by employers themselves. Enabling Greytip Onlines customers to issue the Form 16 as per the latest statutory requirements, Greytip has upgraded its Income Tax module to simplify the Form 16 generation and distribution process. As the new process requires multiple steps to be completed, Greytip has redesigned the tool that helps its customers generate the document easily, with minimal effort. Keeping in mind the diverse requirements of its users, Greytip has built in options where customers can make a choice on whether to merge the two parts or issue them separately. The features also facilitate validation of the forms with PAN no. of each employee. Unavailability of the PAN no. in the employer database or repetition of the same will notify the user through error log, thereby helping the user to address the issue instantly.

Girish Rowjee, CEO of Greytip says We always ensure that Greytip Online features are upgraded as per the latest statutory mandates in time, so our customers can be compliant with the latest statutory requirements.

About Greytip Software

Founded in 1994, Greytip Software enables 1600+ clients across India, Malaysia, UAE and Oman to manage more than 5,00,000 employee records on daily basis. Greytip Solutions help to automate Employee Information management, Attendance management, Payroll & Statutory compliances and Training administration. These solutions are available either on a hosted (SaaS) model or on a licensed (on-premise) model.

Contact Details:
Name: Sutapa Phone/Mobile: +91 80 4022 5910 Email ID: sutapa@greytip.com

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