The CBDT vide Notification No. 30/2016 dt 29 April, 2016 has amended Income Tax Rules w.e.f. 1st June 2016 by inserting Rule 26C stipulating requirement of submission of evidence/ proof/ supporting documents in Form 12BB by employees for claiming certain deductions from salary income, as under:
26C. Furnishing of evidence of claims by employee for deduction of tax under section 192
As per the new Income Tax Rules the employees are now required to furnish certain evidence or particulars of the claims or deductions to the employer. The same are to be considered by the employer during the course of calculation of salary income of the respective employees and estimation / determination of Income Tax / TDS liability thereon. Such evidence or proof or supporting details or particulars are now required to be submitted by the salaried employees in new Income Tax Form 12BB, in respect of following claims for deductions:
1. House Rent Allowance
Name, address and permanent account number of the landlord/ landlords where the aggregate rent paid by the employee during the previous year exceeds rupees one lakh.
2. Leave travel concession or assistance
Evidence of expenditure on travelling.
3. Deduction of interest under the head “Income from house property”
Name, address and permanent account number of the lender from whom the funds were borrowed to acquire the property.
4. Deduction under Chapter VI-A (i.e. S. 80C ~ 80U)
Evidence of investment or expenditure.
Above notification also include format of Form 12BB as under:
“FORM NO.12BB
(See rule 26C)
Statement showing particulars of claims by an employee for deduction of tax under section 192
1. Name and address of the employee:
2. Permanent Account Number of the employee:
3. Financial year:
Details of claims and evidence thereof | ||||
| Sl. No. | Nature of claim | Amount (Rs.) | Evidence/ particulars | |
| (1) | (2) | (3) | (4) | |
| 1. | 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 Note: Permanent Account Number shall be furnished if the aggregate rent paid during the previous year exceeds one lakh rupees | |||
| 2. | Leave travel concessions or assistance | |||
| 3. | Deduction of interest on borrowing: (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 | |||
| 4. | 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………………. | |||
Verification | ||||
I,…………………..,son/daughter of……………………….. do hereby certify that the information given above is complete and correct. | ||||
| Place…………………………………………. | ||||
| Date…………………………………………… | (Signature of the employee) | |||
| Designation ……………………………….…. | Full Name:………………”; | |||
Deduction of interest under the head “Income from house property” : Name, address and permanent account number of the lender from whom the funds were borrowed to acquire the property.
Will the banks reveal their PAN NUMBER ????
Yes, the Banks will reveal their PAN.
If yes, how do we get that or which document do i need to look into?
For interest of home loan, first of all see whether house is self occupied, under construction, or let out? If house is under construction, no deduction before completion. If house is self occupied then Rs.2,00,000 interest with additional 80EE after meeting certain conditions. If house is let out, then tehre is no limit of interest and for principal go with 80C.
For proof… See interest paid certificate..or home loan pass book copy (not from the EMI schedule)…and also pan is mandatory.. if not mentioned..to be mentioned and stamped by bank.
FOR HOUSE RENT ALLOWANCE : IF THE LANDLORD DOES NOT HAVE A PAN, IS THERE ANY OPTION?
If landlord doesn’t have PAN, then monthly rent should not exceed Rs. 8333 pm (i.e. Rs. 1,00,000 p.a.)
If there are multiple land lords how to fill house rent allowance part
Multiple landlord u can add respective information there.. say period., Pan etc
1. Name and address of the employee:
In point 1 as mentioned above, which address of employee is expected to be mentioned? The rented one or permanent?
in FORM NO.12BB (See rule 26C) whether we mention Income from Other Sources, if any
What documents required, if House Rent doesn’t exceed Rs. 1,00,000 p.a. ?
What happens if some deductible payment are omitted or partially filled?
can both husband and wife claim deduction of Rs.2,00,000/- each for the same property, if both are paying home loan equally from their salary?
If we are paying the rent through cash then? (no receipt from the house owner)
Mumbai मे मेरी बेटी किराया के मकान मे रह कर पढ़ाई कर रही है जिसका किराया रुo 16000/-प्रति माह मेरे द्वारा दिया जाता है। मकान मालिक द्वारा किया गया एग्रीमेंट और मकान किराया भुकतान का रसीद में हर माह ले रहा हूँ। क्या IT के मकान किराया मे छूट मिल सकता है। लेकिन मेरी पोस्टिंग पटना में हैं। क्या मकान किराया छूट का लाभ मुझे मिलेगा।
I have already submitted form 12BB to employer. Can it be modified now?
what is the last date for submission of form 12bb to the employer and what evidence is to be produced for future subscription of insurance/ppf/sSa etc.
I am a Pensioner , is this applicable to me also? do I need to submit the 12BB.
My monthly rent is Rs. 12300. I stayed for 8 months only and my rent cost for the year is less than 1 lac.
Do i still need to furnish the PAN card and rental agreement from the landlord ?