Deduction of interest on Home loan 4. If I open an LIC or PPF at the mid of the FY, how to add it in Form 12BB? Earlier there was no standard format for salaried employees in which they … Rent amount paid to the landowner. Form 12b consists three pages. However, Form 12BA gives a detailed statement of fringe benefits, perquisites, profits, etc. In Form 12BB, employees need to mention provisional statement about proposed investments they made in current financial year and expenses (which can be deducted in Income tax act). It is very important that the individual fill in the correct details in the form. Provident Fund deductions. Form 12BB – New form for Salaried to claim tax exemption. January 23, 2017. These forms can be filled on your PC / laptop / mobile easier than a form compiled in Excel or Word. Note that even an individual’s PAN number has a Assessing Officer Code in Form 16. Name and address of the employee: 2. Although RBI has directed banks to remain open on all days till April 1, the March 31 deadline remains sacrosanct for the taxpayers. b. Financial year: DETAILS OF CLAIMS AND EVIDENCE THEREOF Sl. Form 12BB is a statement of claims by the employee for the purpose of dedcution of taxes, As of 1st June 2016, all salaried employees are required to submit their Form 12BB to their employer for the purpose of claiming tax benefits or rebates on investments and expenses. 1. Form 12BA Form 12BB; Time of issue: Form 12BA is required to be issued by the employer on or before 15th June of immediately following the end of the financial year to the employee. The details of Form 12BB declaration has to be incorporated to employees payroll calculating tax benefits during the financial year. Both Form 12B and 12BA come under the same master circular of Rule 26. [Permanent Account Number or Aadhaar Number] of the employee: 3. New Rule 26C (Income Tax) requiring Evidence for Deductions from Salary in Form 12BB May 2, 2016 Income Tax Kewal Garg The CBDT vide Notification No. To fill up the form 12BB correctly, make sure you have the interest amount paid, name and address of the lending bank or non-banking financial company … For Form 12BA, you can download it from the official website of the Income Tax Department of India - incometaxindia.gov.in. 1. It is required by the salaried employees to use this form for claiming Income Tax deduction under the following heads: 1. Check out who are eligible to file the ITR3 form. Medical bills reimbursement For Rs .15000. In a recent notification, income tax department has come up with a new form 12BB, which from now onwards has to be submitted if you want to claim your LTA, HRA and Interest on Home loan interest. Complete break up of salary structure of the previous employer. 12BB is a declaration made by an employee who claims tax benefits as per prevailing Govt. The problem there is no standard format for the same. To fill Form 12B, the following details need to be furnished: Tax artefacts of previous employer such as PAN number, TAN number, etc. Professional Tax deductions. It’s a single form, which you need to fill and attach all proofs and … FORM NO. The Employer Details require you to fill in the Name and Address of the Employer, as well as their TAN Number. Form 12BB of income tax act is required to be filed with the employer if you want him to consider the HRA, LTA, Section 80 and interest paid on home loans under section 24 and thus deduct lower amount of TDS from your salary. In the first section of Form 12BB, you have to fill the details to claim HRA deduction. 12BB [See rule 26C] Statement showing particulars of claims by an employee for deduction of tax under section 192 1. 6 tax tasks you should finish by March 31 28 Mar, 2017, 03.55 PM IST. c. PAN of the landowner if the rent paid during the year exceeds Rs. K T Vigneswara Rao. Each employer has different set of forms and asks for different investment proofs. Form 12BB. Sreekanth Reddy says: July 19, 2016 at 6:56 pm. Form 12BB is a statement of claims by an employee for deduction of tax. in lieu of income from salary. B. Fillable Forms in Excel. orders and to be submitted to employer prior starting new financial year or when she / he joins as an employee to new organization. The first section of Form 12BA: The first part of the form gives details about the employer as well as the employee as shown in the image below. Every December to February, employers ask their employees to submit income tax investment proofs along with LTA/HRA proofs. Form 12BB is a standard form introduced by the Central Board of Direct Taxes under new rule 26C of the Income Tax Rules, 2016. We try to match the format of the forms compiled in Excel to the original format of forms. You required to fill Form 12BB. An employee must fill out Form 12B with details such as income from salary, TDS deducted, etc. Every employer and employee needs to know about form 12BB. House Rent Allowance 2. FORM NO.12BB (See rule 26C) Statement showing particulars of claims by an employee for deduction of tax under section 192 . If the landlord doesn’t have the PAN No. Form 10BA is a declaration to be filed by a taxpayer who wants to claim deduction under section 80GG for rent paid on rental property. Salaried employee should fill the form and submit to his/her employee to claim tax benefits on investments and home loans. Residential status . For evidence you can give proof of payment(Net banking) January 12, 2017. Form 12BB, enables you to figure out how much income tax is to be deducted from your monthly pay. Form 12BB is applicable from June 1, 2016. and submit it to his new employer if he joins a new company as a salaried employee in the middle of a financial year. Keep important things in mind before filling. 30/2016 dt 29 April, 2016 has amended Income Tax Rules w.e.f. Details : It is a detailed statement which shows particulars of perquisites, other fringe benefits and profits in lieu of salary. Ans: Fill up Form 12B based on the Form 16 (if TDS deducted) or on the basis of salary certificate (if no TDS deducted or pending issuance of form 16) issued by your previous employer. To claim HRA, you need to provide details such as: Name and address of landlord and actual rent paid. Form No. In case of any difficulty, you can take guidance from your previous or current employer. Here visitors can download sample filled documents of all forms. Here employee needs to write details like name of the previous employer, TAN number of the previous employer, employee name and his PAN number, house rent allowances, provident fund details and income tax deductions under sections 80C, 80G, 80D, 80E and Section 24. For which, you need to provide details such as: a. If you are employee of any company and going to file income tax return form, you need to fill Form 12BB which is new form announced by Income Tax Department of India for Employees to declare income tax. Reply. You can also take the help of your salary slips. This form is applicable from 1st June, 2016. The employee has to fill in some details in Form 12b before submitting it to the new employer. Nature of claim Amount (Rs.) A blog about how to fill various documents, forms related to PF, Income Tax, ESI, RTO, PAN Card, Aadhar Card, Visa, Passport etc. Leave travel concessions or assistance 3. Name and address of landowner. Dear Nithiyanantham, I believe that you can submit one more Form 12BB if your employer can accept it. Rent receipts. A comprehensive guide on ITR3 form. If the rent paid during the year exceeds Rs. Form 12BB has to be filled at the beginning of Financial Year (FY). Where to add the following items in the Form 12bb. In the first part of Form 12BB, you can fill the details required to claim tax deduction on HRA. It is available in a pdf format which has to be printed, duly filled with all the details and then submitted to your current employer. Hi, Every year salaried employees furnish an investment declaration to their employer in respect of Income Tax Deduction they are eligible under different sections of Income Tax Act along with supporting evidence. Listed below are the details that one has to provide in Form 12b before submitting it to the employer. Find out what is ITR-3, how to fill and file it online. At the beginning of FY, I’m entering only House Rent in Form 12BB. How to complete tax-related issues before … Som. Form 12BB in Word Format. Why is form 12bb required? It is basically a disclosure of all their tax-saving investments in that particular Financial Year.Form 12BB is required by the employer for an accurate calculation and deduction of TDS on salary income.It needs to be submitted at the beginning of every financial year. (Are you not getting rent receipts? Thanks, Nithi. No. As per the Rule 26C of the Income Tax Act, employee needs to fill and submit Form 12BB to one's employer, by mentioning the property owner's PAN. Form 12BA Format and How to fill the Form? 12B [See rule 26A] Form for furnishing details of income under section 192(2) for the year ending 31st March, Name and address of the employee Permanent Account Number or Aadhaar Number . Name and address of the employee: 1,00,000. d. Attach Rent receipts/Rent Agreement as a proof of evidence. Form 12BB has to be submitted at the end of the financial year to employer. Form 12BB is required to be submitted at the beginning of the financial year. Form 12BB (Investment Declaration) is an essential document for a salaried person. 1 lakh, you also need to provide PAN of landlord. FORM NO. This can be obtained from the appointment letter as well as from the pay slips. The form is submitted at the close of the financial year. Form 12BB, every employee has to submit self-declaration to his employer at the starting month of the year say for the financial year 2017-18, they have to submit their declaration during the month of April 2017, in which an employee gives estimated figures to claim their investments, house rent paid, interest on home loan, leave travel allowances etc. How To Fill Form 12B Or Sample Filled Form 12B. to his employers. The Form 12BB is for all salaried employees to claim tax deductions. 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