Each December to February, your employer request that their employees submit salary charge venture proofs alongside LTA/HRA proofs. The issue there is no standard configuration for the equivalent. Every business has a diverse arrangement of structures and requests distinctive venture proofs. To conquer this and to give uniform arrangement crosswise over associations, Income Tax Department has informed another Form 12BB successful June 1, 2016.
The structure covers the accompanying expense exclusions:
1. House Rent Allowance (HRA)
2. LTA (Leave Travel Allowance)/LTC (Leave Travel Concession)
3. Interest payable on Home Loan u/s 24
4. All Tax Deductions under Chapter VI-A which covers segments like 80C, 80CCC, 80D, and so forth
How to Fill Form 12BB?
Luckily the structure 12BB is straightforward and requests subtleties you were at that point giving to your managers consistently. Here is a concise rule on the best way to fill it.
For HRA Exemption:
House Rent Allowance is excluded under segment 10(13A) of pay charge Act subject to specific conditions. The structure requests measure of Rent paid name and address of the proprietor and PAN number of the landowner on the off chance that the yearly lease paid is more than Rs one lakh.
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LTA/LTC Exemption:
You have to give every one of the tickets and bills as narrative proof to guarantee LTA/LTC exclusion. The structure 12BB just requests the aggregate sum guaranteed under LTA.
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Intrigue payable on Home Loan:
You have to give Name, Address and PAN number of the loan specialist alongside the intrigue paid for the year. The advance suppliers are part into 3 classes Financial Institutions, Employer and others. Here others spread credit from companions/family or people. For proof, you can submit credit testament from loan specialist and finish authentication of the house.
Deduction under Chapter VI-A
This is part of two sections. Section A requests sum and report proof for Section 80C, 80CCC, and 80CCD. Part B covers every other area like 80E, 80G, 80TTA, and so forth.
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