CA Sandeep Kanoi

CA Sandeep KanoiSalaried Employees furnish a deceleration to their employer in respect of Income Tax Deduction they are eligible under various provisions of Income Tax alongwith Supportings. Employers consider these declaration and supporting while calculating TDS to be deducted on Salary of their employees. Although practice of taking such deceleration is in existence from long time but there was no standard format for the same. But now CBDT has vide notification No. 30/2016 prescribed Form No.12BB for the purpose of estimating his income or computing the tax deduction at source wef 01.06.2016.

Download Form No. 12BB in Excel Format

Download Form No. 12BB in Word Format

Related Rules forms and Provisions which are applicable from 1st June 2016 are as follows :-

Income Tax Rule 26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.

(2) The assessee shall furnish the evidence or the particulars specified in column (3), of the Table below, of the claim specified in the corresponding entry in column(2) of the said Table:-

Table

Sl. No

Nature of claims

Evidence or particulars

(1)

(2)

(3)

1.

House Rent Allowance.Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh.

2.

Leave travel concession or assistance.Evidence of expenditure.

3.

Deduction of interest under the head “Income from house property”.Name, address and permanent account number of the lender.

4.

Deduction under Chapter VI-A.Evidence of investment or expenditure.”.

NEWLY INSERTED FORM NO.12BB IS AS FOLLOWS

FORM NO.12BB

(See rule 26C)

Statement showing particulars of claims by an employee for deduction of tax under section 192

1. Name and address of the employee:

2. Permanent Account Number of the employee:

3. Financial year:

Details of claims and evidence thereof

Sl. No.Nature of claimAmount(Rs.)Evidence / particulars
(1)(2)(3)(4)
1.House Rent Allowance:(i) Rent paid to the landlord

(ii) Name of the landlord

(iii) Address of the landlord

(iv) Permanent Account Number of the landlord

Note: Permanent Account Number shall be furnished if the aggregate rent paid during the previous year exceeds one lakh rupees

2.Leave travel concessions or assistance
3.Deduction of interest on borrowing:(i) Interest payable/paid to the lender

(ii)Name of the lender

(iii) Address of the lender

(iv) Permanent Account Number of the lender

(a) Financial Institutions(if available)

(b) Employer(if available)

(c) Others

4.Deduction under Chapter VI-A(A) Section 80C,80CCC and 80CCD

(i) Section 80C

(a) ……………..

(b) ……………..

(c) ……………..

(d) ……………..

(e) ……………..

(f) ……………..

(g) ……………..

(ii) Section 80CCC

(iii) Section 80CCD

(B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under Chapter VI-A.

(i) section……………….

(ii) section……………….

(iii) section………………

(iv) section……………….

(v) section……………….

Verification

I,…………………..,son/daughter of……………………….. do hereby certify that the information given above is complete and correct.
Place………………………………………….
Date……………………………………………(Signature of the employee)
Designation ……………………………….….Full Name:………………”;

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  • SHRIRAM PRASAD

    Has the department revised the due dates for filing of quarterly TDS returns by persons (other than government)?

    • Ca Jigar Jain

      Yes. Earlier the time given is 15 days from the end of quarter. Now it is one month. in case of March quarter new due date is 30th May(earlier it was 15th may)
      .

  • Sunil Bhatia

    It is written in the circular that, “PAN of Landlord shall be filed”, what if Landlord gave declaration that he is not having any PAN. As till now, employees got the HRA exemption if they get declaration from Landlord that he is not having PAN. please clarify.

  • Bhargav Mistri

    Hello sir , its written Deduction of interest on borrowing, i have home loan from SBI what i have to written ?? and where ?

  • Mayank Rawat

    Hi Sandeep,

    Thanks for sharing this information with us. I would require a little more information on this. Can you please answer below questions?
    1. When this form 12BB needs to be submitted by Employee to Employer?
    2. What if employee update 12BB every month then Employee is required to submit Form 12 BB every time and do employer need to maintain all 12BB form submitted by employee?
    3. Employer needs to keep all Form 12BB or the latest copy submitted when actual proofs submitted?
    4. How employee can submit actual proofs at starting of FY because either he is planning to invest or payment date is due.
    5. Previous year premium paid slip can be used as proof in starting for current FY?
    6. What to be filled in section 3. Deduction of interest on borrowing:
    (a) Financial Institutions (if available)
    (b) Employer (if available)
    (c) Others

    Kind Regards,
    Mayank

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