Important Keyword: Chapter VI-A, Form 12BB, Income from House Property, TDS.

How to fill Form 12BB?

All salaried taxpayers are required to complete Form 12BB. This form must be submitted to their employer at the start of each financial year to facilitate accurate Tax Deducted at Source (TDS) deductions. Form 12BB serves as a declaration of all tax-saving investments made by the employee during the relevant financial year. By disclosing these investments, employees ensure that their TDS deductions are calculated correctly in line with their eligible tax-saving investments.

Steps to Fill Form 12BB

To download a sample Form 12BB, you can visit the Income Tax Department website.

Personal Details:

• Name: [Your Name]
• Address: [Your Address]
• PAN: [Your PAN Number]
• Financial Year: 2020-2021

House Rent Allowance (HRA) Details:

• If incurring rental expenses for work, include details here.

Leave Travel Allowance (LTA) Details:

• Include details of LTA if applicable.

Interest on Loan for Borrowings:

• Enter details of interest on EMI of home loans for the current financial year.
  • Benefits up to INR 2,00,000 for self-occupied property and no limit for rented property.

Chapter VI-A Deductions:

• Add details of tax-deductible investments and deductions under various sections such as 80C, 80CCD (1B), 80D, 80DD, 80E, 80G, etc.

Who needs to Fill Form 12BB?

Since 1st June 2016, it’s mandatory for every salaried taxpayer to submit Form 12BB. Along with the form, you need to provide proofs/evidence supporting your investments. This helps in reducing your taxable income and ensures accurate TDS deduction by your employer from your salary.

However, if you fail to file Form 12BB, your employer might deduct excess TDS from your salary. Don’t worry though, you can claim back this excess TDS while filing your Income Tax returns. It’s important to ensure timely submission of Form 12BB to avoid unnecessary deductions and streamline your tax obligations.

Read More: Form 61A: Statement of Specified Financial Transaction (SFT)

Web Stories: Form 61A: Statement of Specified Financial Transaction (SFT)

Official Income Tax Return filing website: https://incometaxindia.gov.in/