How to Download Form 12BB and Why You Need It
If you are a salaried employee, you might have heard of Form 12BB. It is a statement of claims by an employee for deduction of tax under section 192 of the Income Tax Act, 1961. In this article, we will explain what Form 12BB is, how to download it, how to fill it, and why you need it.
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What is Form 12BB and what is its purpose
Form 12BB is a form that you have to submit to your employer at the end of the financial year to claim tax benefits or rebates on your investments and expenses. These include:
House rent allowance (HRA)
Leave travel concession or assistance (LTA)
Deduction of interest on home loan
Deductions under sections 80C, 80CCC, 80CCD, and other sections
By submitting Form 12BB, you can reduce your taxable income and save tax. Your employer will deduct tax from your salary based on the declarations made in Form 12BB. You also have to provide documentary evidence of your investments and expenses along with Form 12BB.
How to download Form 12BB from the income tax website
You can download Form 12BB from the official website of the Income Tax Department. Here are the steps to follow:
Go to
Under the Forms tab, click on Income Tax Forms
Scroll down to find Form No. 12BB under Other Forms
Click on PDF or Excel format as per your preference
Save the file on your computer or print it out
How to fill Form 12BB with details of claims and evidence
Form 12BB has four sections where you have to provide details of your claims and evidence. Here is a brief overview of each section:
Section A: House rent allowance
If you are living in a rented accommodation and receiving HRA from your employer, you can claim exemption from tax on HRA. You have to provide the following details in this section:
Nature of claimAmount (Rs.)Evidence/particulars
Rent paid to the landlordThe actual amount of rent paid during the yearName, address, and PAN/Aadhaar number of the landlord (PAN/Aadhaar number is mandatory if rent exceeds Rs. 1 lakh per year)
Section B: Leave travel concession or assistance
If you are entitled to LTA from your employer, you can claim exemption from tax on LTA for two journeys in a block of four calendar years. You have to provide the following details in this section:
Nature of claimAmount (Rs.)Evidence/particulars
Leave travel concession or assistanceThe actual amount of LTA received or the amount spent on travel, whichever is lowerEvidence of expenditure incurred on travel such as tickets, boarding passes, invoices, etc.
Section C: Deduction of interest on borrowing
If you have taken a home loan for buying or constructing a house property, you can claim deduction from tax on the interest paid on the loan. You have to provide the following details in this section:
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Nature of claimAmount (Rs.)Evidence/particularsInterest payable/paid to the lenderThe amount of interest paid or payable during the year (subject to a maximum of Rs. 2 lakh for self-occupied property and no limit for let-out property)Name, address, and PAN of the lender (PAN is mandatory if the lender is a bank or a financial institution)
Section D: Deductions under Chapter VI-A
If you have made any investments or payments that are eligible for deductions under Chapter VI-A of the Income Tax Act, you can claim them in this section. These include deductions under sections 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80TTA, and others. You have to provide the following details in this section:
Nature of claimSection under which deduction is claimedAmount (Rs.)Evidence/particulars
Life insurance premium, provident fund contribution, tuition fees, etc.Section 80CThe amount of investment or payment made during the year (subject to a maximum of Rs. 1.5 lakh)Evidence of investment or payment such as receipts, certificates, statements, etc.
Pension fund contributionSection 80CCCThe amount of contribution made during the year (subject to a maximum of Rs. 1.5 lakh)Evidence of contribution such as receipts, certificates, statements, etc.
National Pension System contributionSection 80CCD(1) and 80CCD(1B)The amount of contribution made during the year (subject to a maximum of Rs. 1.5 lakh under section 80CCD(1) and Rs. 50,000 under section 80CCD(1B))Evidence of contribution such as receipts, certificates, statements, etc.
Medical insurance premiumSection 80DThe amount of premium paid during the year (subject to a maximum of Rs. 25,000 for self and family and Rs. 50,000 for senior citizens)Evidence of premium payment such as receipts, certificates, statements, etc.
Interest on education loanSection 80EThe amount of interest paid during the year (no limit)Evidence of interest payment such as receipts, certificates, statements, etc.
Donations to charitable institutionsSection 80GThe amount of donation made during the year (subject to various limits depending on the type and mode of donation)Evidence of donation such as receipts, certificates, statements, etc.
Interest on savings accountSection 80TTAThe amount of interest earned during the year (subject to a maximum of Rs. 10,000)Evidence of interest income such as bank statements, passbooks, etc.
Other deductions (specify)The relevant section under which deduction is claimedThe amount of deduction claimed during the year (subject to various limits depending on the type and nature of deduction)Evidence of deduction such as receipts, certificates, statements, etc.
What are the benefits of submitting Form 12BB to your employer
Submitting Form 12BB to your employer has several benefits for you as an employee. Some of them are:
You can reduce your taxable income and save tax by claiming various deductions and exemptions.
You can avoid excess tax deduction by your employer and get more take-home salary.
You can avoid any discrepancy or mismatch between your tax returns and Form 16 issued by your employer.
You can avoid any penalty or interest for under-reporting or misreporting your income or deductions.
You can simplify your tax filing process by having all the relevant details and documents ready.
Conclusion: Summary of the main points and a call to action
Form 12BB is an important document that you have to submit to your employer at the end of the financial year to claim tax benefits on your investments and expenses. You can download Form 12BB from the income tax website and fill it with details of your claims and evidence. You can also refer to the tables given in this article for guidance. By submitting Form 12BB, you can save tax, avoid excess tax deduction, and simplify your tax filing process. So, do not delay and download Form 12BB today and submit it to your employer as soon as possible.
FAQs: Five common questions and answers about Form 12BB
Here are some of the frequently asked questions and answers about Form 12BB that you might find useful:
Q1: When do I have to submit Form 12BB to my employer?
A1: You have to submit Form 12BB to your employer at the end of the financial year, i.e., by March 31. However, it is advisable to submit it well in advance, preferably by January or February, so that your employer can deduct tax accordingly and issue Form 16 on time.
Q2: What if I do not submit Form 12BB to my employer?
A2: If you do not submit Form 12BB to your employer, you will not be able to claim any tax benefits or rebates on your investments and expenses. Your employer will deduct tax from your salary at the maximum rate applicable to your income slab. You will also have to file a revised return later and claim a refund of the excess tax paid.
Q3: What if I make any changes in my investments or expenses after submitting Form 12BB?
A3: If you make any changes in your investments or expenses after submitting Form 12BB, you have to inform your employer and submit a revised Form 12BB with the updated details and evidence. Your employer will adjust the tax deduction accordingly and issue a revised Form 16.
Q4: How do I verify the accuracy of Form 12BB?
A4: You can verify the accuracy of Form 12BB by cross-checking the details and amounts with the original documents and receipts of your investments and expenses. You can also use online tax calculators or software to estimate your taxable income and tax liability.
Q5: How do I use Form 12BB for filing my tax return?
A5: You can use Form 12BB for filing your tax return by entering the details of your income, deductions, and taxes in the relevant sections of the return form. You can also upload Form 12BB along with other documents as proof of your claims. You can also use online tax filing platforms that allow you to import data from Form 12BB directly into your return form. 44f88ac181
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