Each December to February, employers request that their employees submit annual deductions proofs alongside LTA/HRA proofs. The issue there is no standard deduction for the equivalent. Every business has a distinctive arrangement of structures and requests diverse speculation proofs. To conquer this and to give uniform configuration crosswise over associations, Income Tax Department has advised another Form 12BB powerful June 1, 2016.
The structure covers the accompanying duty exceptions:
- House Rent Allowance (HRA)
- LTA (Leave Travel Allowance)/LTC (Leave Travel Concession)
- Interest payable on Home Loan u/s 24
- All Tax Deductions under Chapter VI A which spreads areas like 80C, 80CCC, 80D, and so forth
How to Fill Form 12BB?
Luckily the structure 12BB is straightforward and requests subtleties you were at that point giving to your managers consistently. Here is a short rule on the best way to fill it.
For HRA Exemption:
House Rent Allowance is excluded under Section 10(13A) of the annual duty Act subject to specific conditions. The structure requests measure of Rent paid name and address of the proprietor and PAN number of the landowner on the off chance that the yearly lease paid is more than Rs one lakh. You have to outfit lease receipts as narrative proof.
Intrigue payable on Home Loan:
You have to give Name, Address and PAN number of the bank alongside the premium paid for the year. The advance suppliers are part into 3 classifications Financial Institutions, Employer and others. Here others spread credit from companions/family or people. For proof, you can submit credit authentication from loan specialist and culmination endorsement of the house.
Reasoning under Chapter VI-A
This is part of two sections. Section A requests sum and report proof for Section 80C, 80CCC, and 80CCD. Part B covers every single other area like 80E, 80G, 80TTA, and so forth.
Structure 12BB: Some Pointers
The structure is pertinent when you would present your verifications to your manager for FY 2016-17. Last monetary year isn’t affected in any capacity.
This structure is possibly required when you guarantee charge exceptions through your manager.
Aside from LTA/LTC,
all other previously mentioned expense exceptions can be guaranteed straightforwardly while documenting personal government form. The structure 12BB would not be required for the equivalent. All you need is to enter the right speculation sum under various Section
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