What details are to be filled in Form 12BB?

Income Tax Forms & Documents
1

I have to give Form 12BB to my employer, what are details do I need to submit?

2

Hi,

In Form 12BB, you need to give the following details in your Form 12BB

Here are the steps to file Form 12BB with your employer.

3

Can we do it at the start of every month? It’s May starting now and I just started my SIP in an ELSS fund. I was thinking if I could declare this so that my tax amount from my salary gets reduced.

4

Hi @Kaushik_Seetha

You need to submit your investment declaration to your employer at the beginning of the Financial year, around April or May. Your employer will then calculate the TDS to be deducted from your salary.

5

My employer is asking me to disclose all investments I am planning to make this year. They are saying it is to deduct accurate TDS - I am not comfortable disclosing my investment plans.

6

Hi Yatrik,

The employer may ask you to disclose your Investment plans so that they can deduct accurate TDS.
In case you do not want to disclose your investment plans with your employer, they may deduct excess TDS from your salary.
You can claim this TDS while filing your Income Tax Return.

Hope this helps :slight_smile:

7

Most of us would be aware of what a Form “12B” is (Not 12BB or 12BA). It needs to be submitted to the new employer if switching jobs in the middle of a FY. Columns in this form are very ambiguous and there is no concrete information available on what exact details need to go in the form.

Questions on Form 12B:

1. Column# 8 - accretion to employee’s provident fund: Do we need to mention both employer + employee’s contribution here? OR just Employee’s contribution?

2. Column# 10 - Heading shows Deductions w.r.t 80C: Do we need to mention only 80C deduction OR all deductions like 80C+80D+80E etc etc

3. Column# 11 - TDS: Do we need to mention only TDS OR TDS + Professional Tax

4. Which column should include Tax exempt portion of "Leave Encashment"? Column 6 OR 7 OR 8 OR not required to be mentioned on Form 12B?

Any help with the above questions will be greatly appreciated.

Thanks.

8

@Bharti_Vasvani if you can help.

9

Hello @cnishith1,

Here are the answers to your questions:

  1. Employer’s contribution is to be mentioned since as per section 17(2) it is treated as a prerequisite. Interest/ dividend earned on such contribution of more than 7.5 Lakhs shall also be included if any.
  2. All deductions should be mentioned including deduction u/s 24 (interest on housing loan).
  3. TDS and professional tax deducted both have to be mentioned.
  4. You can mention the taxable portion of leave encashment in column 7 (not required to mention the exempt amount).

Hope this helps!

10

Thank You Bharti. This helps a lot!

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12

Which Section in form 12BB do I need to fill for section 80CCD1B (NPS deductions)? Please help. @Bharti_Vasvani ? @cnishith1

13

Hello @Cuppajava_Mattiz,

In Form 12BB, there is a section to enter details of deductions, there you can add the deduction under section 80CCD(1B) and the amount invested.

Hope this helps!

14

@Bharti_Vasvani , I only see Deduction under Chapter VI-A : (A) Sections 80C, 80CCC and 80CCD and (B) Other sections (e.g. 80E, 80G, 80TTA, etc.) : under Chapter VI-A
Can you kindly tell me which is the appropriate section? This was what I was confused about. I do not see 80CCD(1B)