Form 12BB Excel PDF Format: Form 12 BB is required to be filled by the employer under Income Tax Act. This form is applicable for deduction of the lower amount of TDS (Tax Deducted at Source) from your salary if salaried employees want to consider the HRA, LTA, Section 80, and interest paid on home loans under Section 24. This form is valid from 1st June 2016.
Form 12 BB is an annual form that needs to be submitted every financial year from April to March or at the time of joining the company. If you submit the Form 12 BB earlier, then the TDS deduction will be lower. So it is highly recommended to submit your Form 12 BB in April so that your TDS deduction will be reduced as early as possible.
You have required evidence, and details regarding the claims made are needed in the following manner:-
- If you want to claim lower TDS for house rent allowance, you need to provide-
- Permanent Account Number of the landlord
- And an agreement where the aggregate rent paid during the previous year exceeds one lakh rupees.
- If you went concession or assistance over leave, you have to provide evidence of the expenditure during your break.
- If you want a deduction of interest under the head “Income from house property,” you need to provide-
- Name of the lender
- Permanent account number of the lender.
- If the taxpayer wants deduction under Chapter VI – A, the taxpayer needs to show evidence of expenditure or investment. You need to mention all the details of investment and its type under Section 80 C, Section 80CCC, Section 80 CCD, Section 80G, and Section 80 TTA.
Note: This Income Tax Act was passed under the 11th Amendment in 2016.