When to file form 12BB to employer? At the beginning of the financial year to declare proposed investments or at the end of financial year to deposit copies of evidences of tax savings? If at the beginning of financial year, then how can we attach evidences as mentioned in the form? Please guide.
The Form 12BB is a statement of claims by an employee for deduction of tax. With effect from 1st June 2016, a salaried employee is required to submit the Form 12BB to his or her employee to claim tax benefits or rebate on investments and expenses.
1. What is Form 12BB all about?
Form 12BB applies to all salaried taxpayers. Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses have to be provided at the end of the financial year as well.
2. When do I have to submit Form 12BB?
Usually, employers ask for a declaration at the start of the financial year to estimate TDS calculations for the whole year. Form 12BB has to be later submitted towards the end of the financial year.
3. Do I need to submit Form 12BB to the Income Tax Department?
No, Form 12BB does not have to be submitted to the tax department. It has to be submitted to your employer. The same applies even to the proof of investments and deductions.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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