Here visitors can download sample filled documents of all forms. Form 12BB (Investment Declaration) is an essential document for a salaried person. Find out what is ITR-3, how to fill and file it online. Form 12BB has to be submitted at the end of the financial year to employer. Where to add the following items in the Form 12bb. It’s a single form, which you need to fill and attach all proofs and … If the landlord doesn’t have the PAN No. How to complete tax-related issues before … orders and to be submitted to employer prior starting new financial year or when she / he joins as an employee to new organization. Salaried employee should fill the form and submit to his/her employee to claim tax benefits on investments and home loans. in lieu of income from salary. Provident Fund deductions. B. Fillable Forms in Excel. 1. Form 12BB has to be filled at the beginning of Financial Year (FY). 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. 12BB is a declaration made by an employee who claims tax benefits as per prevailing Govt. The Employer Details require you to fill in the Name and Address of the Employer, as well as their TAN Number. For Form 12BA, you can download it from the official website of the Income Tax Department of India - incometaxindia.gov.in. 1. How To Fill Form 12B Or Sample Filled Form 12B. K T Vigneswara Rao. Deduction of interest on Home loan 4. Deduction under Chapter VI-A that … House Rent Allowance 2. (Are you not getting rent receipts? This can be obtained from the appointment letter as well as from the pay slips. 1 lakh, you also need to provide PAN of landlord. b. This form is applicable from 1st June, 2016. In case of any difficulty, you can take guidance from your previous or current employer. Residential status . Name and address of the employee: 2. You required to fill Form 12BB. 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. and submit it to his new employer if he joins a new company as a salaried employee in the middle of a financial year. Form 12BB is applicable from June 1, 2016. Listed below are the details that one has to provide in Form 12b before submitting it to the employer. Som. Why is form 12bb required? 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. Financial year: DETAILS OF CLAIMS AND EVIDENCE THEREOF Sl. Professional Tax deductions. Form 12BA Format and How to fill the Form? Name and address of landowner. The employee has to fill in some details in Form 12b before submitting it to the new employer. For evidence you can give proof of payment(Net banking) January 12, 2017. Form 12b consists three pages. 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). The problem there is no standard format for the same. The form is submitted at the close of the financial year. Each employer has different set of forms and asks for different investment proofs. 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. Reply. Form 12BB is required to be submitted at the beginning of the financial year. [Permanent Account Number or Aadhaar Number] of the employee: 3. 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. c. PAN of the landowner if the rent paid during the year exceeds Rs. We try to match the format of the forms compiled in Excel to the original format of forms. It is very important that the individual fill in the correct details in the form. Form 12BB is a statement of claims by an employee for deduction of tax. 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. 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. Medical bills reimbursement For Rs .15000. Leave travel concessions or assistance 3. Form 12BB – New form for Salaried to claim tax exemption. Although RBI has directed banks to remain open on all days till April 1, the March 31 deadline remains sacrosanct for the taxpayers. FORM NO.12BB (See rule 26C) Statement showing particulars of claims by an employee for deduction of tax under section 192 . To claim HRA, you need to provide details such as: Name and address of landlord and actual rent paid. Sreekanth Reddy says: July 19, 2016 at 6:56 pm. The Form 12BB is for all salaried employees to claim tax deductions. A blog about how to fill various documents, forms related to PF, Income Tax, ESI, RTO, PAN Card, Aadhar Card, Visa, Passport etc. It is required by the salaried employees to use this form for claiming Income Tax deduction under the following heads: 1. January 23, 2017. 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 . For which, you need to provide details such as: a. 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. Note that even an individual’s PAN number has a Assessing Officer Code in Form 16. Dear Nithiyanantham, I believe that you can submit one more Form 12BB if your employer can accept it. You can also take the help of your salary slips. If the rent paid during the year exceeds Rs. Form 12BB in Word Format. A comprehensive guide on ITR3 form. FORM 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 … 6 tax tasks you should finish by March 31 28 Mar, 2017, 03.55 PM IST. 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. Form 12BB. An employee must fill out Form 12B with details such as income from salary, TDS deducted, etc. 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. Travel allowance under section 10(4) for Rs.19200. Thanks, Nithi. Form No. 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. 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. If I open an LIC or PPF at the mid of the FY, how to add it in Form 12BB? Every employer and employee needs to know about form 12BB. These forms can be filled on your PC / laptop / mobile easier than a form compiled in Excel or Word. Keep important things in mind before filling. Nature of claim Amount (Rs.) In the first section of Form 12BB, you have to fill the details to claim HRA deduction. FORM NO. No. In the first part of Form 12BB, you can fill the details required to claim tax deduction on HRA. At the beginning of FY, I’m entering only House Rent in Form 12BB. 12BB [See rule 26C] Statement showing particulars of claims by an employee for deduction of tax under section 192 1. Rent amount paid to the landowner. Rent receipts. 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. to his employers. 1,00,000. d. Attach Rent receipts/Rent Agreement as a proof of evidence. Name and address of the employee: Details : It is a detailed statement which shows particulars of perquisites, other fringe benefits and profits in lieu of salary. Both Form 12B and 12BA come under the same master circular of Rule 26. The details of Form 12BB declaration has to be incorporated to employees payroll calculating tax benefits during the financial year. 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. Form 12BB, enables you to figure out how much income tax is to be deducted from your monthly pay. However, Form 12BA gives a detailed statement of fringe benefits, perquisites, profits, etc. Every December to February, employers ask their employees to submit income tax investment proofs along with LTA/HRA proofs. 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. 30/2016 dt 29 April, 2016 has amended Income Tax Rules w.e.f. 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