Common questions

When should form 12BB is to be submitted?

by Author

When should form 12BB is to be submitted?

The Form 12BB is a statement of claims by an employee for deduction of tax. With effect from 1st June 2016, a salaried employee is required to submit the Form 12BB to his or her employee to claim tax benefits or rebate on investments and expenses. Form 12BB has to be submitted at the end of the financial year.

What happens if you miss the declaration?

In the event of delay in filing returns, you will still be paid the refund. However, the IT department is not obliged to pay you any interest for delay in payment refunds. To the extent you lose out by not filing your income tax returns before the stipulated date in the event you are claiming refunds.

When can we do investment declaration?

Usually, employers ask for a declaration at the start of the financial year to estimate TDS calculations for the whole year. Form 12BB has to be later submitted towards the end of the financial year. III. Do I need to submit Form 12BB to the Income Tax Department?

READ:   How do you calculate labor requirements?

How do I submit my 12BB?

Steps to Fill Form 12BB

  1. Download Sample Form 12BB. You can download the sample Form 12BB from the Income Tax Department website.
  2. Add Personal Details.
  3. Add house rent allowance Details.
  4. Add LTA Details.
  5. Enter Details regarding Interest on Loan for Borrowings.
  6. Add Chapter VI-A Deductions.

What if form 12BB is not submitted?

What happens if you accidentally forget to give your employer your Form 12BB? In case you forgot to submit form 12BB to your employer within the prescribed time, the employer will not be able to give you benefit of deductions and other tax exemptions. As a result, excess TDS will be deducted from your monthly salary.

What is declaration form?

A declaration form is a document that outlines all the information that is relevant and obtainable in a particular situation. In a declaration form, the person filling the form is expected to provide truthful and accurate information as is required.

Can we change it declaration?

If you want to edit the declaration, you can click Edit Declaration and make the necessary changes. The IT Declaration option under the investments tab now contains a summary that includes Net Taxable Income, Total Tax, Tax To Be Paid, and Status of the declared investments.

READ:   What are some bad books?

Can it declaration be changed?

Salaried individuals can choose between the old or new scheme at the time of making their tax declaration to their employer for the purpose of TDS. However, he is free to change the option and select another one, at the time of filing the ITR.

Can we submit proof without declaration?

You need to submit both IT investment declaration form and investment proofs to your employer. You can declare your investments in your ITR and claim a refund for the extra tax deducted. However, this will involve a wait for some months for you to be able to get the excess tax deducted back in your bank account.

Why is form 16 required?

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.

What is the Fullform of tan?

About TAN. Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).

READ:   How long can a yeast infection last if not treated?

What is form 12bb and how do I submit it?

Form 12BB, with effect from 1st June 2016, is a statement of claims by an employee for the purpose of a tax deduction, claiming tax benefits, or a rebate on investments and expenses, which has to be submitted by the end of the financial year.

What do I need to know about the 12bb deduction?

Along with 12BB you will need to provide the relevant rent receipts for this deduction. You will also need to submit the name and address of the landlord. In the event the aggregate rent paid by you exceeds Rs 1 lakh, you will also need to submit the Permanent Account Number (PAN) of your landlord.

How to claim tax deduction on HRA on form 12bb?

In the first part of Form 12BB, you can fill the details required to claim tax deduction on HRA. To claim HRA, you need to provide details such as: Name and address of landlord and actual rent paid. If the rent paid during the year exceeds Rs. 1 lakh, you also need to provide PAN of landlord. Rent receipts.