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Hi,

As of now, to claim tax benefits or rebate, an employee has to just mention the sum claimed under exempt allowances. But with effective from 1st June, 2016 to claim income tax deductions  you need to submit new Form 12BB to your employer. It is also been made mandatory to submit documentary evidence of your investments / expenditures.

The Central Board of Direct Taxes (CBDT) has recently released New Form No. 12BB. This is going to be the new standard form for salaried tax payers to claim tax deduction on;

  • LTA (Leave Travel Allowance) / LTC (Leave Travel Concession)
  • HRA (House Rent Allowance)
  • Interest payable on Home Loan (Section 24) and
  • All Tax Deductions under Chapter VI-A which relates to allowable deductions under various sections including Section 80C, Section 80CCC Section 80CCD/80D etc.

SAP has released note 2313751 as information Note

Thanks,

Gaurav Sharma

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  1. Jayanti Venkata Ramana

    Hi Gaurav

    The content here is a exact reproduce of the SAP note  2313751

    I am not sure why this information is being updated again.

    Kindly refrain in creating duplicate content in SCN community.

    Thanks for understanding

    Kind Regards

    Ramana

    (0) 

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