As a salaried employee you have to submit your income tax declaration statement at the beginning of every financial year to your employer. It is a provisional statement which has details about your proposed investments and expenses for the given Financial Year that are income tax deductible. Till now there was no standard format for this.
So, Income Tax Department has recently launched a new Form 12BB, which from now onwards has to be submitted declare HRA, LTA, Section 80, and interest paid on home loans.
However, with the introduction of Form 12BB, government has standardized this process.
The notification will be effective from June 1, 2016. Here are a few important things you should have before you fill up this form:
|Sr No.||Nature of claims||Evidence or particulars|
|1.||House Rent Allowance||Name, address and PAN number of the landlord/landlords where the aggregate rent paid during the previous year exceeds Rs. 1, 00,000.|
|2.||Leave travel concession or assistance||Evidence of expenditure|
|3.||Deduction of interest under the head “Income from House Property”||Name, address and PAN number of the lender|
|4.||Deduction under Chapter VI-A||Evidence of investment or expenditure|
You can download Form 12BB from here. It’s a PDF version. Below we have provided a snapshot of the form, so that you can have a look at it and see what all to file.
For any assistance, you just need to drop an email at firstname.lastname@example.org