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New Income Tax form 12BB for claiming HRA, LTA, 80C deductions

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CBDT vide its notification no 30/2016 dated 29-04-2016 has inserted new rule 26C in the Income tax rules and notified form 12BB for furnishing to the employer.

The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on

  • leave travel allowance concession (LTA/LTC),
  • house rent allowance (HRA) and
  • interest paid on home loans.
  • claiming tax deduction under Chapter VI-A. (that includes popular 80C deduction)

Sl. No. Nature of claims Evidence or particulars
1 House Rent Allowance. Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh.
2 Leave travel concession or assistance. Evidence of expenditure.
3 Deduction of interest under the head “Income from house property”. Name, address and permanent account number of the lender.
4 Deduction under Chapter VI-A. Evidence of investment or expenditure.”.

Download – Form 12BB in excel format – FORM-NO.12BB

Download – Form 12BB in word format – FORM-NO.12BB

The employers will be required to assess the evidence submitted by the employees and then accordingly decide the extent of tax that should be deducted at source from their salaries.

It’s not that employees were not furnishing this information to employers for deciding the tax deduction at source. The new development is that a statutory form has been prescribed spelling out the format of declaration and the details of evidence required to support the claims. The Central Board of Direct Taxes (CBDT) has now come out with a new rule 24C in the income tax rules requiring the assesses (employees) to furnish the evidence or particulars of claims for the purpose of computation of tax deduction at source.

The CBDT, in the same order, also extended the time limit for depositing tax deducted at source (TDS) on transfer of immovable property from 7 to 30 days. Also, the due date for filing quarterly TDS returns in Form 24Q, 26Q and 27Q was extended by 15 days.

The amended rules will be applicable from June 1, 2016, the CBDT said.

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