The document outlines Form No. 12BB, as per the Income-Tax Rules, 1962 (see rule 26C), a statement for employees to declare claims for tax deductions under Section 192. It requires the employee's name and address, Permanent Account Number, and the relevant financial year.
The form details claims and evidence thereof including:
1. House Rent Allowance: requires the rent paid to the landlord, the landlord's name and address, and the landlord's Permanent Account Number (if the aggregate rent paid exceeds one lakh rupees).
2. Leave travel concessions or assistance
3. Deduction of interest on borrowing: requires the interest payable/paid to the lender, the lender's name and address, and the lender's Permanent Account Number, along with the type of lender (financial institution, employer, or other).
4. Deductions under Chapter VI-A, including sections 80C, 80CCC, 80CCD, and other sections like 80E, 80G, and 80TTA.
A verification section requires the employee's name, declaration of accuracy, place, date, signature, designation and full name.
Key Entities Referenced
Rule 26C: The Income-tax Rule specifying the guidelines for Form No. 12BB.
Income-tax Rules, 1962: The set of rules that govern the implementation of the Income-tax Act.
Section 192: The section of the Income-tax Act related to deduction of tax at source (TDS) on salary.
Form No. 12BB: The form used by employees to declare claims for deductions of tax under section 192.
Chapter VI-A: Chapter of Income Tax Act related to deductions from gross total income.