CBDT has recently notified new form 12BB to claim a tax deduction on LTA (Leave Travel Allowance), HRA (House Rent Allowance) and Interest paid on home loans. As per new rules, you need to submit your proof of travel in new form 12BB for claiming LTA benefits. In addition to this, you need to furnish detail of HRA and deduction of interest borrowing in the same form. This new notification is applicable from 1st June 2016. Earlier also employers were taking a declaration from an employee. However, there was no standard format for the same. Introduction for this new form will standardize the process.
Download New Form 12BB for LTA, HRA & Interest Deduction
Download Form 12BB in Word Format
Download Form 12BB in Excel Format
How to fill up New Form 12BB?
You need to first furnish your name, address, PAN card number and financial year in the form 12BB. After furnishing this information you need to go to the respective section and fill out information.
Detail information to be furnished on each section is as under –
(1) House Rent Allowance:
Under House Rent Allowance section you need to provide information like rent amount paid to a landlord, name of the landlord, address of landlord and PAN card number.
Permanent Account Number is required only if the aggregate rent paid during the previous year exceeds one lakh.
(2) Leave travel concession or assistance:
Under this section, you need to just furnish amount and provide evidence of expenditure made for Leave Travel Assistance.
(3) Deduction of interest under the head “Income from House Property”:
In this section you need to provide Interest amount payable/paid to the lender. Along with this you need to furnish information like Name, address and permanent account number of the lender.
(4) Deduction under Chapter VI-A:
In this section, you need to provide information about investment and expenditure made under various heads.
Under section 80 C you need to write investment type and amount. In section 80CCC and 80CCD you need to write amount. If you have made expense under section 80E, 80G and 80TTA you also need to mention it.
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After filling up all these information you need to write your name and provide declaration.