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Investment declaration has to be done in the beginning of a financial year. Your employer requests that you submit your tax-saving investments for the year so that tax can be deducted from your monthly salary. You should declare your investments because they may result in a greater in-hand compensation.
You only need to make an estimate of the investments you expect to make at the start of the fiscal year. Actual proofs do not need to be submitted until the conclusion of the fiscal year. You have the option to invest less or more. The final investments do not have to be identical to the ones stated.
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|August 2, 2022
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The Form 12BB is a statement of an employee’s claims for tax deductions. A salaried employee must submit Form 12BB to his or her employer to claim tax benefits or rebates on investments and expenses beginning June 1, 2016. At the end of the fiscal year, Form 12BB must be submitted. All salaried taxpayers must file Form 12BB.
An employee must use Form 12BB to declare the investments they made during the year. At the end of the financial year, documentation of these investments and expenses must also be provided.
Form 12BB should be created.
The following tax-saving investments and expenses require an investment declaration:
Allowance for housing rent
Rent must be paid to the landlord, along with the landlord’s name, address, and PAN/Aadhaar number.
Leave any travel concessions or assistance on the table.
As part of your salary package, you may be eligible for a leave travel concession or leave travel allowance.
Interest on a home loan
Interest is payable to the lender, along with the lender’s name, address, and PAN/Aadhaar number.
Section 80C, 80CCC, and 80CCD deductions
- 80C: Life insurance premiums and/or investments in ELSS funds, PPF, NPS, and/or school tuition fees for children, among other things.
- 80CCC: Premium for annuity plan to be paid
- Additional contributions to NPS (80CCD)
Deductions under other sections, such as 80E, 80G, and 80TTA, are also available.
- 80D: Medical insurance premium to be paid
- 80E: Education loan interest to be paid
- Donations to specific organizations are to be made under 80G.
- Interest income from a savings bank account is taxed at 80TTA.
Most Commonly Asked Questions
What is the purpose of a declaration of investment?
Employees must file a declaration of the deductions and exemptions they wish to claim. On the basis of these declarations, the employer will deduct TDS from the employee’s salary. In most cases, these investments must be made through the employer’s HR portal.
What is the deadline for submitting Form 12BB?
Employers frequently request a declaration at the start of the fiscal year in order to estimate TDS calculations for the entire year. Form 12BB must be completed and submitted near the end of the fiscal year.
Is it necessary for me to file Form 12BB with the Internal Revenue Service?
No, Form 12BB is not required to be submitted to the IRS. It is required that you submit it to your employer.
My employer has deducted excess TDS because I failed to declare my investments on time. So, what should I do now?
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