Know about New Form 12BB | Fusion - WeRIndia

A new form has been released by the Income tax department. It is the Form No 12BB for the information on LTA (Leave Travel Allowance), HRA (House Rent Allowance) and Interest paid on home loans. This form is mainly used for estimation of income or calculating tax deduction at source. Here are certain things to know about this new form.

One must have the following details for this form:

• HRA Exemptions.
• LTA exemptions.
• Deductions on home loan interest.
• Section 80C deductions on investments.
• PAN Number of employee.
• Date of submission.
• Designation of employee.
• Signature of Employee

While filling the form, the following particulars should be submitted as mentioned.

HRA Exemptions

In the House Rent Allowance (HRA) section, information like name of the landlord, address and PAN card number should be given. One should also include the rent amount paid to a landlord. If the previous year rent exceeds one lakh, then Permanent Account Number is mandatory.

Leave travel concession

In cases of leave travel concession, people have to furnish amount and provide evidence of expenditure made for leave travel assistance. This is mandatory.

Deduction of interest under the head “Income from house property”

In such cases, one must provide details like the amount of interest amount paid to the lender. The form should also be filled with information like Name, address and permanent account number of the lender.

Deduction under Chapter VI-A

If the individual has any information on investment and expenditure made under various heads, then the information related to them must be provided in the last section. Section 80 C you need to write investment type and amount. If in case of Section 80CCC and 80CCD one needs to write amount. If there are any expenses under section 80E, 80G and 80TTA, details like PAN Number of employee, Date of submission, Designation of employee, and Signature of Employee might be needed.

Image Credit: Screenshot from https://www.incometaxindia.gov.in/

Image Reference: https://www.incometaxindia.gov.in/Forms/Income-Tax%20Rules/ITRFORM12BB.pdf