Submission of Form 12BB by employees is a requirement mandated by the Government
of India. This form helps you to substantiate the tax free salary or reimbursements
you have claimed. Form 12BB covers the following :
- Leave Travel Allowance or Leave Travel Concession
- House Rent Allowance
- Interest payable on housing loan (Section 24)
- All tax deductions under Chapter VIA
The CBDT has advised the employers to assess the supporting submitted in 12BB and accordingly calculate the tax benefits.
You will be able to see the Form 12BB as pending only after your Tax Saving Submission has been approved by the Payroll Manager.
To fill up Form 12BB - Click on Edit button and you will be navigated to a new
page where you can fill up the form.
- Name, Address, PAN Number will come prefilled
- Approved rent declarations will come prefilled the rent paid will be prefilled, refer to article on "House Rent Declaration" for more details. Rent figure is based on the rent verified by the Payroll Manager.
- If you have availed LTA then you can update the amount you have claimed and
the supporting documents. Interest on borrowing like house loan will come prefilled
and data on tax deductions under chapter VI A will also come prefilled, you can
update any comments if you want to do so
- Select the date and place and click on Generate Form 12BB to generate the form.
You can save it as draft you want to generate the form later
- You can download the generated document and also Reset it if you want to make
any changes after generation
- If you want to finally submit the form you should click on Submit button, the
form will be updated and will be visible to Payroll Manager
- You can take a printout and sign the document and submit it in a hard copy
format
- Payroll manager can now file this document and one he files it he would update
the status as Filed, which would be visible to you on the page