A recent change in the Income Tax Act has now standardised the format in which all employees have to submit their tax, savings and investment declaration.
As an employer, you have to deduct TDS based on these declarations by the employee.
Briefly the employer needs to collect Form 12 BB along with the evidence as below:
| Nature of Claims | Evidence or Particulars |
|---|---|
| House Rent Allowance (HRA) | Name, address and Permanent Account Number (PAN) of the landlord, where the aggregate rent paid during the previous year exceeds INR 1 lakh |
| Leave Travel Concession or Assistance (LTA) | Evidence of expenditure |
| Deduction of interest under the head “Income from House Property” | Name, address and PAN of the lender |
| Deduction under Chapter VI-A | Evidence of investment or expenditure |
The declaration is in Form 12BB and is available here in excel format (13kb) and here in pdf format (38kb).
Full Text of the Notification is available here.
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