Form 12BB needs to be submitted to your employer and will be used to declare your investments and claim tax deductions under HRA, LTA, Section 80, interest paid on home loans etc.
Earlier there was no standard format required by salaried employees to disclose their investment details to their employers. The Central Board of Direct Taxes (CBDT) has introduced a new Form 12BB. This form, applicable from June 1, 2016, needs to be submitted to your employer and will be used to declare your investments and claim tax deductions under HRA, LTA, Section 80, interest paid on home loans etc.
Deductions you can claim using Form 12BB: The standard Form 12BB is for all salaried taxpayers to claim tax deductions. You use can use it to claim deductions for leave travel allowance (LTA/LTC), house rent allowance (HRA), interest paid on home loans, and all other tax deductions pertaining to Chapter VI-A of the I-T Act.
Steps to create your Form 12BB – Investment Declaration
Step 1: Login to myITreturn.com/form12bb
Fill easy to enter fields
Step 2: Generate your PDF Form
Click the generate your Form12BB
Step 3: Submit your Form12BB to your HR Department
Print the PDF, Sign, Attach relevant proof and submit it to HR of your Organisation.
myITreturn makes it easy for you to generate Form 12BB. Click here to generate your Form 12BB and submit it to the HR Department of your organisation.