The income tax department has specified some new rules for tax declaration by employees. A new Form 12BB has been released. Your tax declarations for FY 2016-17 must be provided as per the details listed below.
This change is applicable from 1st June 2016.
Employee have to submit declaration of investments, deductions and exemptions they want to claim in Form 12BB to the employer. On the basis of this form, employer will deduct TDS and pay monthly salary.
[You can also download for FREE our GUIDE for EMPLOYEES to SUCCEED at submitting investment proofs to their employer – GUIDE link.]
Here is a format of the information you should provide to your employer-
|S No||To claim||Proofs to be provided|
|1.||House Rent Allowance (HRA)||Name, address and PAN of the landlord if the total rent paid in the financial year is more than Rs 1lakh. (If the property is jointly owned, provide PAN of all landlords)|
|2.||LTA||Travel bills, receipts, basically evidence of your expenses|
|3.||Deduction for interest on home loan||Name, address and PAN of the lender.|
|4.||Deduction under section 80 (chapter VI-A of the income tax act)||Evidence of investment or expenditure|
You can DOWNLOAD FORM 12BB – click Form 12BB.
Write to us firstname.lastname@example.org if you have any questions.