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.
Form 12BB, 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 Income-tax Act.
Steps to create your Form 12BB – Investment Declaration
Login to myITreturn.com/form12bb. Fill easy to enter fields
Click the "Download Form 12BB" to generate PDF copy of Form 12BB.
Print the PDF, Sign, Attach relevant proof and submit Form 12BB to HR department of your organisation.