What is Form 12BB?

Form 12BB is a statement made by an employee to claim tax benefits or to take rebate on investments & expenses. This form needs to be filled by all the salaried employees paying taxes to the government and should be submitted at the end of the financial year. An employee has to declare his or her investments along with the documentary evidences at the end of the financial year in order to show the investments to the tax department and to claim tax benefits from it.

Form 12BB

Tax Saving Investments & Expenses you can claim in Form 12BB

Every individual must make a declaration for the investments he has made or the expenses he has paid in a particular financial year. There is a long list of deductions for which a person can make a claim and the same is given below –

House Rent Allowance

It is the allowance you can claim on the rent paid by you to the landlord. You need to give correct information about your house rent (expense) to the tax department in form 12BB in order to claim tax benefit. An individual can claim up to Rs.1 Lakh as exemption on house rent allowance. Read More House Rent Allowance (HRA)

Home Loan Interest

Home loan interest is the interest paid by the loan borrower to the bank on the loan amount. An individual can take a tax rebate up to Rs.3.5 Lakh on home loan under the income tax act. Read More Section 80EE – Income Tax Deduction on Home Loan Interest

Leave Travel Concession

An individual needs to provide his/her Leave Travel Concession information as per his/her salary package in form 12BB in order to claim tax benefit or rebate. It varies depending on person’s entitlement and destination to which he or she is travelling.

Deductions under Sections: 80C, 80CCC, 80CCD & 80D

You can also claim deductions under the following –

  • 80C – Life insurance premium paid by a policy holder or investment in ELSS funds, NPS, PPF, School and Tuition fees for children etc.
  • 80CCC – Premium paid for annuity plan
  • 80CCD – Additional contributions made to National Pension Scheme (NPS)

Deductions under Other Sections: 80E, 80D, 80G, 80TTA & 80TTB

  • 80E – Interest to be paid on education loan
  • 80G - Donations made to specified organizations
  • 80D – Premium paid for medical insurance
  • 80TTA – Interest income earned from a saving bank account.
  • 80TTB – Interest income earned by senior citizens from bank deposits (FD or savings or both), post office deposits or deposits in cooperative society engaged in banking.

Download Income Tax Form 12BB

Click on the link below to download ITR Form 12BB -

Download Form 12BB

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