Quick Summary
Overview The introduction of Form No. 122 under the Income Tax Act, 2025 marks a significant shift in how salaried individuals report multiple income sources and manage Tax Deducted at Source (TDS). Replacing earlier Forms 12B and 12BAA, this consolidated declaration aims to simplify tax compliance
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FAQ :
Form No. 122 is a consolidated declaration submitted by a salaried employee to their employer, reporting salary income from other employers, house property losses, other income sources, and any tax deducted or collected during the tax year.
Salaried employees who have income from more than one employer, wish to claim losses under the head 'House property income', or need to report tax deducted/collected at source on other income sources are required to submit Form No. 122.
Filing Form No. 122 helps reduce TDS by allowing employees to offset taxes already paid on other income, minimises refund claims by ensuring accurate tax payments, and simplifies tax compliance by providing a formal way to report non-salary income and claim tax credits.
While not legally mandatory, submitting Form No. 122 is highly beneficial for employees to ensure correct tax deduction, avoid overpayment of tax, and prevent the need for filing refund claims.
The article states there is no prescribed time limit for submitting Form No. 122 to the employer.
Form No. 122 can be submitted offline or through an employer's HR/payroll system if available. It does not need to be uploaded to the Income-tax portal.
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