Monday, January 16, 2017

claiming LTA gets complex from this year source Business standard

The  salaried  class  comes  under  more scrutiny for  claiming  LTA

Leave  Travel  allowances  are  one such  allowance  to  encourage employees  to avail part  of their holidays  expenses.

Until  now  Corporates  went by  Self  declaration  of  employees  Now  employees has  to submit  Form  12BB

What  is  form 12BB  of  Income tax  rules  12C

It  is  a statement showing particulars of claims by an employee for deduction of tax under section 192 

In  the  declaration  we  need  to  disclose  the  following  details

1)  House  Rent Allowance 

The  following  details  required for  House  Rent allowance


 (i) Rent paid to the landlord
 (ii) Name of the landlord 
(iii) Address of the landlord 
(iv) Permanent Account Number of the landlord

2) Leave  Travel  Allowance

3) Deduction  on Interest  on borrowings-  Following  details  on Interest  on borrowings  to be  disclosed.

(i) Interest payable/paid to the lender
 (ii)Name of the lender 
(iii) Address of the lender 
(iv) Permanent Account Number of the lender 
(a) Financial Institutions(if available) 
(b) Employer(if available) 
(c) Others

Deduction under Chapter VI-A (
A) Section 80C,80CCC and 80CCD 
(i) Section 80C 
(a) …………….. 
(b) …………….
. (c) …………….. 
(d) …………….. 
(e) ……………..
 (f) ……………..
 (g) ……………..
 (ii) Section 80CCC
 (iii) Section 80CCD (B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under Chapter VI-A.
 (i) section………………. 
(ii) section……………….
 (iii) section………………
 (iv) section………………. 
(v) section………………. 
 
Going  by  this  declaration  the  employees  are  coming under  more scrutiny


For  more  details  read  business  standard

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