Form 12bb

What is Form 12bb?

Form 12BB is the Investment declaration given to the employer in order to claim tax benefits. Form 12BB applies to all or any salaried taxpayers. This document rebates on investments and expenses incurred by the employees. Employees can pay less tax because TDS will be subtracted from their total adjusted income. This form12BB must be submitted with verified documentation of investments and expenditures.

These Deductions Will Be Claimed Through Form 12BB:

• Leave Allowance (LTA)
• House Rent Allowance (HRA)
• Deductions Specified Under Chapter Vi-A
• Payable Interest On A Home Equity Credit

An employee must use Form 12BB to report their holdings at the end of the fiscal year.

Employees must provide a press release of deductions and loopholes. Consistent with these declarations, the corporate will deduct TDS from the employee’s payment.

Also, See: Form 12B | Form 12C