Form 12c

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Praveenveldhi (Querist)
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28 August 2013 Dear sir/madam
for what purpose form12C is issued.....
and one of my friend has instructed by the bank for form12c for housing loan.... is that details in form12c should give by him or his employer.....

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 August 2013 That was a form for informing particulars of income (including loss under the head 'house property') other than salary by the employee to the employer for the purpose of tax deduction by the employer. This form is withdrawn and not in the statute with effect from 1.10.2003.

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Ganeshbabu K

Ganeshbabu K (Expert)
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28 August 2013 IT IS A FORM GIVEN BY EMPLOYEE TO EMPLOYER FOR DISCLOSING INCOME FROM SOURCES OTHER THAN SALARY(OTHER 4 HEADS),
.
.
If an employee has income also from other heads apart from salary, the employer can take these into account while deducting tax from salary if the employee furnishes the required particulars in form No.12C to the employer.

Note: Form 12C was Not in operation now as far as i seen,,and it is not found in income tax website

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Praveenveldhi

Praveenveldhi (Querist)
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28 August 2013 but now employees giving their details in declaration form to employer...... is they are using any particular form for the declaration.... i mean is there any alternative form for form12C

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 August 2013 No alternate form. Self declaration, verified by the employee as true and correct, is enough as per rule 26B of the Income tax Rules,1962.

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