Income Tax-FORM NO.12BB -Applicable from June 1, 2016

Income Tax-FORM NO.12BB-Declaration of investments and claim tax deductions under HRA, LTA, Section 80

ఉద్యోగస్తులంతా కొత్త రూల్ గమనించండి:

ఆదాయ పన్ను చెల్లింపులో మినహాయింపులను చూపే ఉద్యోగులు ఇకపై వాటిని ప్రత్యేక ఫాంలో స్పష్టంగా వెల్లడించాలని ఆదాయపన్ను శాఖ తెలిపింది.
HRA, ఇన్సూరెన్స్, లోన్, పెట్టుబడులు సహా ఇతర అంశాలతో కూడిన ఫామ్ 12BBని ఐటీ శాఖ తీసుకొచ్చింది.
దీంతో అన్నీ స్పష్టంగా తెలుస్తాయని చెప్తున్న అధికారులు ఇంటి అద్దె ఏడాదికి రూ.1లక్ష దాటితే యజమాని పేరు, పాన్ నంబర్ సహా ఇతర వివరాలను తప్పక ఇవ్వాలట.

Income Tax Returns: All you need to know about form 12BB

This form will act as a single entity that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the I-T Act

Since there was no standard format required by salaried employees to disclose their investment details to their employers, each employer had to submit proof for each investment made in the year. The Central Board of Direct Taxes (CBDT) has introduced a new Form 12BB. This form, applicable from June 1, 2016, will act as a single entity that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the I-T Act.
Possible investment scenarios and use of Form 12BB: Since income tax declaration is just an investment roadmap of the year, it may vary from what you actually end up investing in. Now, once you give your company your declaration, you may find yourself in one of these three possible scenarios.
Scenario 1: You invest less than your declared sum: Based on your declaration, your employer computed your TDS. But if your overall investments made during the year are lower than your declaration, you may end up paying more tax with a drop in your take-home pay in the final quarter of the financial year. You will need to file your tax return and seek refund of any excess tax you may have paid or that may have been deducted by your employer. With the new norms you will need to use Form 12BB for availing any such refunds.
Scenario 2: Your investment matched your declaration: If you invested exactly as per your declaration, your employer will be deducting just the right TDS from your salary, thus eliminating chances of any tax refund issues or overpayment of tax.
Scenario 3: You invested more than what you declared initially: Here, you may be eligible for further tax exemptions than initially sought. You will then have to file your tax return and seek a tax refund if any using Form 12BB.
Deductions you can claim using Form 12BB: The standard Form 12BB is for all salaried taxpayers to claim tax deductions. You use can use it to claim deductions for leave travel allowance (LTA/LTC), house rent allowance (HRA), interest paid on home loans, and all other tax deductions pertaining to Chapter VI-A of the I-T Act.
House Rent Allowance (HRA): With form 12BB, you can claim any HRA tax deductions under Section 10 (13A) of the I-T Act. Along with 12BB you will need to provide the relevant rent receipts for this deduction. You will also need to submit the name and address of the landlord. In the event the aggregate rent paid by you exceeds Rs 1 lakh, you will also need to submit the Permanent Account Number (PAN) of your landlord.
Leave travel assistance (LTA){ With Form 12BB, you need to furnish amount and provide evidence of expenses made towards your travel. Unlike in the past, it is now mandatory to provide proof of all travel expenses in the form of receipts for your claim.
Interest payable on home loan under Section 24: In the past, if you had to seek tax deduction for interest paid for your home loan, you had to submit an interest certificate from the concerned bank. Now, you need to submit the interest certificate along with Form 12BB to claim deductions under Section 24 of the I-T act. 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 (NBFC), and PAN number of the lending bank with you.
All tax deductions under Chapter VI-A: All tax deductions under Section 80C, Section 80CCC, and Section 80CCD, as well as other sections like 80E, 80G, and 80TTA come under Chapter VI-A of the IT Act. For deductions, fill up Form 12BB and provide details and proof of your investments and expenditures incurred related to the relevant section you are seeking deductions under.


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