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
No comments:
Post a Comment