What is Form 12BB?
Form 12BB is the statement submitted by the employee to the employer detailing all the declarations relating to various deductions, tax rebates, benefits, etc. along with all documentary evidence as proof of investment, expenses, etc.. as the case may be. Download from below form 12BB format :
In general documents and declarations to be submitted in form 12bb are as follows :
In this article we have tried to provide you details of all the employees related benefits and declaration at one place with links also of all relevant articles related to it
Tax Regime Option Selection : It is very important to choose which tax regime you wish to remain for taxation purpose . You have to select between New Tax Regime V/s Old Tax Regime . Both regimes have its advantage and limitations and to know about it you can read in detail here.
House Rent Allowance (HRA) - Provide Rent Expense Details and Submit Agreements and Rent Receipts. To learn in detail about benefits of HRA please read here.
Exempt Allowances & Leave Travel Allowance - Submit monthly expense summary and proofs / bills of all exempt allowance claimed . Also submit proofs for your LTA travel exemptions like travelling ticket proofs , hotel stay proof , etc..
To know about how to save tax with recommended salary structure please read here.
House Property Rent & Interest - Submit the details and interest certificates relating to loan of house property for deduction u/s 24(b) and for deduction u/s 80C for repayment of housing loan. To learn in detaled about House propery income read here.
80C Deductions Investments - Provide relevant proof of investments , etc.. To learn in detail were and how you should invest in 80C please read here.
80D Mediclaim Deduction - Provide relevant proof of payment of mediclaim premium or medical expenditure, etc.. To learn in detail maximum and type of expenditure allowed u/s 80D read here.
NPS Investment and Tax Benefit - Provide relevant proof of NPS investment, etc.. To learn how to claim additional deductions upto Rs 50,000 in NPS and 10% of Basic Salary please read here.
80G and 80GGC Donations- Provide the documentary evidence and PAN number of the donations made to chartiable organization (read here) or political parties(read here).
Below are some useful calculators by Income Tax Department for your reference, which can help you in calculations :
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