Form 12BB TDS

Form 12BB

  1. For Salaried Persons, w.e.f 1st June 2016.
  2. Form 12BB is a statement to claim tax benefits or rebate on investments by an employee for deduction of TDS.
  3. It has to be submitted at the end of the financial year but generally asked for at the start of the financial year to estimate TDS calculations for the whole year.
  4. Documentary evidence of these investments and expenses has to be provided as well.

Declaration has to be made for the following tax-saving investments and expenses:
  1. House rent allowance
    1. Rent to be paid to the landlord along with the name, address, and PAN/Aadhaar number of the landlord.
  2. Leave travel concessions or assistance: As per the salary package
  3. Home loan interest
    1. Interest payable to the lender along with the name, address, and PAN/Aadhaar number of the lender.
  4. Deductions under Section 80C, 80CCC, 80CCD
    1. 80C: Premium to be paid for life insurance and/or investments to be made in ELSS funds, PPF, NPS and/or school tuition fees for children, etc.
    2. 80CCC: Premium to be paid for the annuity plan.
    3. 80CCD: Additional contributions made to NPS.
  5. Deductions under other sections like 80E, 80G, 80TTA, etc.
    1. 80D: Premium to be paid for medical insurance.
    2. 80E: Interest to be paid on education loan.
    3. 80G: Donations to be made to specified organizations.
    4. 80TTA: Interest income earned from a savings bank account.
Do I need to submit Form 12BB to the Income Tax Department?
No, Form 12BB does not have to be submitted to the tax department. It has to be submitted to your employer.

I could not declare my investments on time and my employer has deducted excess TDS. What should I do?
You can claim a refund of excess TDS deducted by filing your income tax return

FORMAT IS ATTACHED.