{"id":10440,"date":"2024-10-14T08:23:02","date_gmt":"2024-10-14T08:23:02","guid":{"rendered":"https:\/\/www.tankhapay.com\/blog\/?p=10440"},"modified":"2024-10-14T08:23:02","modified_gmt":"2024-10-14T08:23:02","slug":"form-12bb","status":"publish","type":"post","link":"https:\/\/www.tankhapay.com\/blog\/form-12bb\/","title":{"rendered":"What is Form 12BB? How to Fill &#038; Download"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_78 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_is_Form_12BB\" >What is Form 12BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Information_Required_to_be_Filled_in_Form_12BB\" >Information Required to be Filled in Form 12BB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Form_12BB_Sample\" >Form 12BB Sample<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Purpose_of_Form_12BB\" >Purpose of Form 12BB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#How_to_Fill_Form_12BB\" >How to Fill Form 12BB<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Personal_Details\" >Personal Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#House_Rent_Allowance_HRA\" >House Rent Allowance (HRA)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Leave_Travel_Allowance_LTA\" >Leave Travel Allowance (LTA)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Deduction_of_Interest_on_Borrowing\" >Deduction of Interest on Borrowing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Deductions_under_Chapter_VI-A\" >Deductions under Chapter VI-A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Verification\" >Verification<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Is_it_mandatory_to_fill_out_Form_12_BB_for_every_salaried_individual\" >Is it mandatory to fill out Form 12 BB for every salaried individual?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Is_Form_16_and_Form_12_BB_the_same\" >Is Form 16 and Form 12 BB the same?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_is_the_form_12BB_for\" >What is the form 12BB for?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_happens_if_form_12BB_is_not_submitted\" >What happens if form 12BB is not submitted?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_is_the_difference_between_12B_and_12BB\" >What is the difference between 12B and 12BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#How_do_I_download_form_12BB\" >How do I download form 12BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_deductions_can_I_claim_under_Form_12BB\" >What deductions can I claim under Form 12BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#When_do_I_have_to_submit_Form_12BB\" >When do I have to submit Form 12BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#When_must_I_turn_in_Form_12BB\" >When must I turn in Form 12BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_should_I_do_if_I_did_not_declare_my_investments_and_my_employer_deducted_excess_TDS\" >What should I do if I did not declare my investments and my employer deducted excess TDS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#What_happens_if_you_forget_to_provide_Form_12BB_to_the_employer\" >What happens if you forget to provide Form 12BB to the employer?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#How_do_you_Fill_out_Form_12BB_when_you_change_jobs\" >How do you Fill out Form 12BB when you change jobs?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>Individuals must declare their investments through Form 12BB at the start of each fiscal year. This declaration is necessary for an employer to accurately calculate the taxes to be deducted from an individual\u2019s monthly salary. By declaring investments, individuals can increase their take-home pay.<\/p>\n<p>An individual only needs to estimate the amount they plan to invest at the start of the financial year. They do not need to submit any proof until the end of the financial year. Additionally, they are free to invest more or less than their initial estimate, and the investments do not need to align with the initial declaration.<\/p>\n<p>This blog will discuss Form 12BB\u2013what it is and how to fill it out.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Form_12BB\"><\/span>What is Form 12BB?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Form 12BB is a statement salaried employees must submit to employers to claim tax deductions and exemptions on their Salary income. This form includes details of investments, expenses and allowances that qualify for tax benefits. Employers use this form to determine the accurate amount of tax to be deducted from an employee\u2019s salary.<\/p>\n<p>Form 12BB applies to all salaried taxpayers and must be submitted by the end of the financial year. An employee must declare their investments made during the year with this form. Additionally, they must provide documentary evidence of these investments and expenses at the end of the financial year.<\/p>\n<p><strong>Form 12BB contains the following details:<\/strong><\/p>\n<ul>\n<li>Employee\u2019s name and address<\/li>\n<li>Employee\u2019s PAN<\/li>\n<li>Details of <a title=\"House Rent Allowance (HRA) \u2013 Exemption And Tax Deduction\" href=\"https:\/\/www.tankhapay.com\/blog\/house-rent-allowance\/\">House Rent Allowance (HRA)<\/a> received by the employee<\/li>\n<li>Declaration of the rent paid if HRA is claimed<\/li>\n<li>Details of <a title=\"Leave Travel Allowance (LTA) \u2013 Rules, Claims, and Eligibility\" href=\"https:\/\/www.tankhapay.com\/blog\/lta\/\">Leave Travel Allowance (LTA)<\/a> claimed by the employee<\/li>\n<li>Declaration of investments made under tax-saving schemes such as the <a title=\"Public Provident Fund (PPF) \u2013 Features and Tax Benefits\" href=\"https:\/\/www.tankhapay.com\/blog\/ppf\/\">Public Provident Fund (PPF)<\/a>, <a title=\"ELSS Funds \u2013 Features and Investment\" href=\"https:\/\/www.tankhapay.com\/blog\/elss\/\">Equity Linked Saving Scheme (ELSS)<\/a>, and <a title=\"National Pension Scheme \u2013 Eligibility, Features &amp; Benefits\" href=\"https:\/\/www.tankhapay.com\/blog\/national-pension-scheme\/\">National Pension System (NPS)<\/a>, among others<\/li>\n<li>Declaration of the interest paid on a home loan, if applicable<\/li>\n<li>Any other exemptions and deductions applicable<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Information_Required_to_be_Filled_in_Form_12BB\"><\/span>Information Required to be Filled in Form 12BB<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The details that must be reported in Form 12BB are as follows:<\/p>\n<ul>\n<li>Personal Details &#8211; Name, address, PAN, Aadhar Number, position, Father\u2019s Name<\/li>\n<li>Financial Year<\/li>\n<li>HRA<\/li>\n<li>LTA<\/li>\n<li>Interest on a home loan, if any<\/li>\n<li>Income Tax Deductions under Chapter VI-A<\/li>\n<li>Other details like date, place, signature, etc.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Form_12BB_Sample\"><\/span>Form 12BB Sample<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-10446\" src=\"https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-scaled.webp\" alt=\"Form 12BB\" width=\"1698\" height=\"2560\" srcset=\"https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-scaled.webp 1698w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-199x300.webp 199w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-679x1024.webp 679w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-768x1158.webp 768w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-1019x1536.webp 1019w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB-1358x2048.webp 1358w\" sizes=\"(max-width: 1698px) 100vw, 1698px\" \/><\/p>\n<p style=\"text-align: center;\"><a title=\"Download Form 12BB\" href=\"https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/Form-12BB.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Download Form 12BB<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Purpose_of_Form_12BB\"><\/span>Purpose of Form 12BB<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The purpose of Form 12BB is as follows:<\/p>\n<ul>\n<li>It allows employers to provide their employees with the benefits of all tax-deductible expenses and investments.<\/li>\n<li>It grants employees the power to claim tax exemption by submitting proof or declaration of tax deduction in Form 12BB.<\/li>\n<li>Only employees who provide this proof or declaration can claim this benefit.<\/li>\n<li>Form 12BB enables employers to determine the appropriate amount of tax to be deducted from their monthly salary and calculate their take-home salary accordingly.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Fill_Form_12BB\"><\/span>How to Fill Form 12BB<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Follow these instructions to fill out the form:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Personal_Details\"><\/span>Personal Details<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is the first section of Form 12BB. An individual must mention the following:<\/p>\n<ul>\n<li>Full Name<\/li>\n<li>Address<\/li>\n<li>PAN (Permanent Account Number)\/Aadhar Number<\/li>\n<li>Financial year<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"House_Rent_Allowance_HRA\"><\/span>House Rent Allowance (HRA)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If an individual receives HRA, they can claim exemption by submitting:<\/p>\n<ul>\n<li>Amount of Rent paid to the landlord<\/li>\n<li>Name of the landlord<\/li>\n<li>Address of the landlord<\/li>\n<li>PAN of the landlord in case the total rent paid exceeds Rs.1 lakh<\/li>\n<li>Monthly rent receipts or the rental agreement as proof for claiming an HRA tax exemption<\/li>\n<\/ul>\n<p>The things to remember when claiming HRA tax exemption are as follows:<\/p>\n<ul>\n<li>If an individual is not receiving HRA as a part of their salary, they can claim a similar tax deduction under section 80GG if they live in a rented house.<\/li>\n<li>An individual only needs a rent receipt if the monthly rent exceeds Rs. 3,000.<\/li>\n<li>\u00a0If an individual resides in their own house, they cannot claim HRA exemption.<\/li>\n<li>If an individual is paying rent to their parents, it is recommended that they report it as part of their income while filing their Income Tax Return.<\/li>\n<li>Submitting fake rent receipts is not advisable and can get an individual into trouble with the tax authorities.<\/li>\n<li>Print a formal rent agreement on stamp paper to ensure authenticity.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Leave_Travel_Allowance_LTA\"><\/span>Leave Travel Allowance (LTA)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Employees must provide travel proof, such as boarding passes, flight tickets, or invoices from a travel agent to their employer to claim LTA benefits. This tax exemption only applies to travel costs up to the amount specified in the CTC. The fare is exempt per the following conditions:<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Travel Mode<\/b><\/th>\n<th><b>Exempt Amount<\/b><\/th>\n<\/tr>\n<tr>\n<td>Air<\/td>\n<td>Airfare for economy class on the National Carrier (Indian Airlines or Air India) will be based on the shortest route or the amount spent, whichever is less.<\/td>\n<\/tr>\n<tr>\n<td>Rail<\/td>\n<td>Air-conditioned first-class rail fare will be calculated based on the shortest route or the amount paid, whichever is lower.<\/td>\n<\/tr>\n<tr>\n<td>Bus<\/td>\n<td>First class or deluxe class ticket price by the shortest route or the lowest cost, whichever is less.<\/td>\n<\/tr>\n<tr>\n<td>Unrecognised public transport<\/td>\n<td>Air-conditioned first-class rail ticket price by shortest route or the lowest price, whichever is less<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The things to remember when claiming LTA tax exemption are as follows:<\/p>\n<ul>\n<li>LTA can only be claimed if explicitly included in the CTC.<\/li>\n<li>Individuals can claim LTA for themselves, their spouse, children, dependent parents, and dependent siblings.<\/li>\n<li>LTA can be claimed twice within a block of four years. The current block for LTA claims is from 2022 to 2025.<\/li>\n<li>Individuals can carry forward one LTA if they have claimed only one in the previous block of four years. But, they must use it in the first calendar year of the next block.<\/li>\n<li>LTA benefits cover only domestic travel, excluding accommodation expenses.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Deduction_of_Interest_on_Borrowing\"><\/span>Deduction of Interest on Borrowing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Deduction for interest on home loans is allowed under section 24 of income tax laws. Individuals can claim the deduction on loans taken for their home&#8217;s construction, reconstruction, repair, purchase, or renovation.<\/p>\n<p><strong>The details that need to be filled in are as follows:<\/strong><\/p>\n<ul>\n<li>Interest paid to the lender during the fiscal year<\/li>\n<li>Name and address of the lender from whom the loan is taken<\/li>\n<li>PAN or Aadhar number of the lender<\/li>\n<li>Specify whether the lender is a financial institution or employer<\/li>\n<li>Submit a statement\/certificate of total EMI paid, possession\/construction completion certificate or a self-declaration of occupancy as evidence<\/li>\n<\/ul>\n<p><b>Amount of Savings on Home Loan:<\/b><\/p>\n<ol>\n<li><b>Tax benefits on payment of interest: <\/b>If an individual is paying interest on a home loan, the deduction they can claim will depend on the type of house property.\n<ul>\n<li>Tax benefit in case of self-occupied property (SOP): An individual can claim a maximum interest deduction of Rs. 2,00,000 if they have taken a loan to purchase or construct their house. Such a benefit shall be reduced to Rs. 30,000 if they have taken a loan for repair or reconstruction. Construction or purchase must be completed within five years from the end of the financial year in which the loan is taken.<\/li>\n<li>Tax benefits in case of renting out (let out) the property (LOP): The entire interest amount that an individual pays towards the loan is available as a deduction in case of a rented property. This amount shall be deducted from the rental income for the year.<\/li>\n<\/ul>\n<\/li>\n<li><b>Tax benefits on repayment of Principal Amount: <\/b>Whether an individual owns a self-occupied or rented property, they can claim the repayment of the principal amount under Section 80C of the Income Tax Act. The maximum amount that can be claimed for the principal amount is Rs. 1.5 lakh under this section.<\/li>\n<\/ol>\n<p><b>Additional Deduction under Section 80EE:<\/b><\/p>\n<p>First-time buyers can claim up to Rs. 50,000 other deductions under this section. Section 80EE is only valid for loans sanctioned until March 31. The following conditions must be met to claim the home loan tax benefit:<\/p>\n<ul>\n<li>The loan amount must not exceed Rs.35 lakhs, and the property value should not exceed Rs.50 lakhs.<\/li>\n<li>The individual must be a first-time homebuyer on the date of loan sanction.<\/li>\n<\/ul>\n<p><b>Additional Deduction under Section 80EEA:<\/b><\/p>\n<p>An additional deduction of up to Rs. 1,50,000 is allowed for first-time home buyers under Section 80EEA. The following conditions should be met to claim the tax benefits under a home loan:<\/p>\n<ul>\n<li>The individual must be a first-time home buyer on the loan sanction date.<\/li>\n<li>The individual claiming a deduction under Section 80EEA cannot claim the deductions under Section 80EE.<\/li>\n<li>The stamp duty value of the property must not exceed Rs. 45 lakhs.<\/li>\n<li>The loan must be sanctioned between April 1 and March 31.<\/li>\n<\/ul>\n<p>The things to remember when claiming Interest on Home Loan tax exemption are as follows:<\/p>\n<ul>\n<li>If an individual has taken a home loan jointly, they can claim the interest deduction proportionately based on their share in the loan.<\/li>\n<li>Interest payments made to individuals other than banks (e.g., friends, relatives, money lenders) can be claimed as a deduction under Section 24.<\/li>\n<li>An individual must obtain a certificate of interest from the person to whom the interest was paid as proof.<\/li>\n<li>Principal loan repayment from non-banking sources is not eligible for deduction under <a title=\"Income Tax Section 80C Deductions for Strategic Investments in india\" href=\"https:\/\/www.tankhapay.com\/blog\/section-80c\/\">Section 80C<\/a>.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Deductions_under_Chapter_VI-A\"><\/span>Deductions under Chapter VI-A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The last part of Form 12 BB deals with the highest expenses that can be claimed as deductions under Section 80 of the Income Tax Act.<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Section<\/b><\/th>\n<th><b>Investment Class<\/b><\/th>\n<\/tr>\n<tr>\n<td>80C<\/td>\n<td>The total exemption limit under this section is Rs. 1.5 Lakhs, covering various tax-saving options such as PF, PPF, LIC premium, NSC, ELSS, and children\u2019s tuition fees.<\/td>\n<\/tr>\n<tr>\n<td>80CCC<\/td>\n<td>Exemption for LIC pension plans and other insurers<\/td>\n<\/tr>\n<tr>\n<td>80CCD<\/td>\n<td>Contribution to the NPS Tier-I account<\/td>\n<\/tr>\n<tr>\n<td>80D<\/td>\n<td>Exemption for health insurance premiums covering self, family, and parents. Limit increases for seniors.<\/td>\n<\/tr>\n<tr>\n<td>80DD<\/td>\n<td>Deduction for expenses sustained on the treatment of physically challenged dependents<\/td>\n<\/tr>\n<tr>\n<td>80E<\/td>\n<td>An individual can claim interest paid on education loans for eight years without limit.<\/td>\n<\/tr>\n<tr>\n<td>80EE<\/td>\n<td>Claim deduction against a housing loan if the individual is a first-time homeowner<\/td>\n<\/tr>\n<tr>\n<td>80G<\/td>\n<td>Donations to approved organisations granted exemption facilities by the IT Department<\/td>\n<\/tr>\n<tr>\n<td>80GG<\/td>\n<td>The deduction for rent payments for accommodation without receiving any HRA from the employer<\/td>\n<\/tr>\n<tr>\n<td>80GGA<\/td>\n<td>Donations made to organisations involved in scientific research and rural development<\/td>\n<\/tr>\n<tr>\n<td>80GGC<\/td>\n<td>Non-cash contributions made to political parties<\/td>\n<\/tr>\n<tr>\n<td>80TTA<\/td>\n<td>An individual can claim up to Rs. 10,000 deduction for savings bank interest but not term deposit interest.<\/td>\n<\/tr>\n<tr>\n<td>80U<\/td>\n<td>Disabled individuals can claim a maximum rebate of Rs. 1.25 Lakhs under this section.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Verification\"><\/span>Verification<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The final section of Form 12BB is the \u2018verification\u2019 section for the information provided in the form. To complete this section, an individual only needs to enter their name, along with the name of either their father or mother, the city where they are filling out the form, and the filing date. After completing the details, sign the form to confirm the accuracy of the information submitted.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_it_mandatory_to_fill_out_Form_12_BB_for_every_salaried_individual\"><\/span>Is it mandatory to fill out Form 12 BB for every salaried individual?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Starting from June 1, 2016, it has become compulsory for salaried individuals to submit Form 12BB to employers to claim tax deductions and exemptions. The purpose of this form is to assist the employer in calculating the accurate tax amount that should be deducted from the employee&#8217;s salary. Employees who submit Form 12BB can ensure they receive the maximum tax benefits for all deductions and other tax exemptions they are qualified to receive. This can decrease their overall tax liability and increase their take-home pay.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Form_16_and_Form_12_BB_the_same\"><\/span>Is Form 16 and Form 12 BB the same?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Form 16 gives a detailed breakdown of your salary, tax deductions, and deposit information with the government. On the other hand, Form 12BB informs your employer about all the investments and expenses you have made. It is important to note that these two forms are not identical and serve different purposes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<style>#sp-ea-10444 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 300ms;}#sp-ea-10444.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-10444.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-10444.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-10444.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-10444.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1728889365\"><div id=\"sp-ea-10444\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card ea-expand sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_form_12BB_for\"><\/span><a class=\"collapsed\" id=\"ea-header-104440\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104440\" aria-controls=\"collapse104440\" href=\"#\" aria-expanded=\"true\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-minus\"><\/i> What is the form 12BB for?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse collapsed show\" id=\"collapse104440\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104440\"> <div class=\"ea-body\"><p>Form 12BB lists your investments and expenses for tax exemptions. Submit it with proof of investment to your employer in Jan\/Feb. Your employer will use it to calculate TDS on your salary.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_happens_if_form_12BB_is_not_submitted\"><\/span><a class=\"collapsed\" id=\"ea-header-104441\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104441\" aria-controls=\"collapse104441\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What happens if form 12BB is not submitted?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104441\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104441\"> <div class=\"ea-body\"><p>You may lose tax deductions and exemptions if you miss the deadline to submit Form 12BB to your employer.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_difference_between_12B_and_12BB\"><\/span><a class=\"collapsed\" id=\"ea-header-104442\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104442\" aria-controls=\"collapse104442\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the difference between 12B and 12BB?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104442\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104442\"> <div class=\"ea-body\"><p>Form 12BB ensures accurate TDS deduction from workers' wages. Form 12B pays salaries to employees who switch jobs in a fiscal year, with details for the new employer.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"How_do_I_download_form_12BB\"><\/span><a class=\"collapsed\" id=\"ea-header-104443\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104443\" aria-controls=\"collapse104443\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How do I download form 12BB?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104443\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104443\"> <div class=\"ea-body\"><p>You can download Form 12BB from the Income Tax Department website.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_deductions_can_I_claim_under_Form_12BB\"><\/span><a class=\"collapsed\" id=\"ea-header-104444\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104444\" aria-controls=\"collapse104444\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What deductions can I claim under Form 12BB?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104444\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104444\"> <div class=\"ea-body\"><p>You can claim the following deductions under Form 12BB:<\/p><ul><li>House Rent Allowance (HRA)<\/li><li>Leave Travel Allowance (LTA)<\/li><li>Interest payable on a Home Loan<\/li><li>Deductions under Chapter VI-A<\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"When_do_I_have_to_submit_Form_12BB\"><\/span><a class=\"collapsed\" id=\"ea-header-104445\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104445\" aria-controls=\"collapse104445\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> When do I have to submit Form 12BB?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104445\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104445\"> <div class=\"ea-body\"><p>Submit Form 12BB when your employer asks for it. It is due at the end of the financial year and helps estimate your TDS calculation.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"When_must_I_turn_in_Form_12BB\"><\/span><a class=\"collapsed\" id=\"ea-header-104446\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104446\" aria-controls=\"collapse104446\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> When must I turn in Form 12BB?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104446\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104446\"> <div class=\"ea-body\"><p>Employers request a declaration at the beginning of the financial year to predict TDS computations for the entire year. Form 12BB must be filled by the end of the fiscal year.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_should_I_do_if_I_did_not_declare_my_investments_and_my_employer_deducted_excess_TDS\"><\/span><a class=\"collapsed\" id=\"ea-header-104447\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104447\" aria-controls=\"collapse104447\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What should I do if I did not declare my investments and my employer deducted excess TDS?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104447\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104447\"> <div class=\"ea-body\"><p>If you haven't declared your investments on time, you can claim excess TDS deducted by your employer while filling out the ITR.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_happens_if_you_forget_to_provide_Form_12BB_to_the_employer\"><\/span><a class=\"collapsed\" id=\"ea-header-104448\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104448\" aria-controls=\"collapse104448\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What happens if you forget to provide Form 12BB to the employer?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104448\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104448\"> <div class=\"ea-body\"><p>Submit Form 12BB on time to avoid a TDS deduction from your salary. You can claim a refund for the excess TDS deducted.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"How_do_you_Fill_out_Form_12BB_when_you_change_jobs\"><\/span><a class=\"collapsed\" id=\"ea-header-104449\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse104449\" aria-controls=\"collapse104449\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How do you Fill out Form 12BB when you change jobs?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse104449\" data-parent=\"#sp-ea-10444\" role=\"region\" aria-labelledby=\"ea-header-104449\"> <div class=\"ea-body\"><p>Do not claim maximum deductions from both employers if you change jobs in a financial year. It may lead to incorrect TDS deductions, penalties, and tax payments. So, avoid claiming deductions from both employers after changing jobs.<\/p><\/div><\/div><\/div><script type=\"application\/ld+json\">{ \"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"@id\": \"sp-ea-schema-10444-69f21647ba37e\", \"mainEntity\": [{ \"@type\": \"Question\", \"name\": \"What is the form 12BB for?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Form 12BB lists your investments and expenses for tax exemptions. Submit it with proof of investment to your employer in Jan\/Feb. Your employer will use it to calculate TDS on your salary.\" } },{ \"@type\": \"Question\", \"name\": \"What happens if form 12BB is not submitted?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"You may lose tax deductions and exemptions if you miss the deadline to submit Form 12BB to your employer.\" } },{ \"@type\": \"Question\", \"name\": \"What is the difference between 12B and 12BB?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Form 12BB ensures accurate TDS deduction from workers' wages. Form 12B pays salaries to employees who switch jobs in a fiscal year, with details for the new employer.\" } },{ \"@type\": \"Question\", \"name\": \"How do I download form 12BB?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"You can download Form 12BB from the Income Tax Department website.\" } },{ \"@type\": \"Question\", \"name\": \"What deductions can I claim under Form 12BB?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"You can claim the following deductions under Form 12BB:<ul><li>House Rent Allowance (HRA)<\/li><li>Leave Travel Allowance (LTA)<\/li><li>Interest payable on a Home Loan<\/li><li>Deductions under Chapter VI-A<\/li><\/ul>\" } },{ \"@type\": \"Question\", \"name\": \"When do I have to submit Form 12BB?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Submit Form 12BB when your employer asks for it. It is due at the end of the financial year and helps estimate your TDS calculation.\" } },{ \"@type\": \"Question\", \"name\": \"When must I turn in Form 12BB?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Employers request a declaration at the beginning of the financial year to predict TDS computations for the entire year. Form 12BB must be filled by the end of the fiscal year.\" } },{ \"@type\": \"Question\", \"name\": \"What should I do if I did not declare my investments and my employer deducted excess TDS?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"If you haven't declared your investments on time, you can claim excess TDS deducted by your employer while filling out the ITR.\" } },{ \"@type\": \"Question\", \"name\": \"What happens if you forget to provide Form 12BB to the employer?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Submit Form 12BB on time to avoid a TDS deduction from your salary. You can claim a refund for the excess TDS deducted.\" } },{ \"@type\": \"Question\", \"name\": \"How do you Fill out Form 12BB when you change jobs?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Do not claim maximum deductions from both employers if you change jobs in a financial year. It may lead to incorrect TDS deductions, penalties, and tax payments. So, avoid claiming deductions from both employers after changing jobs.\" } }] }<\/script><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\">Individuals must declare their investments through Form 12BB at the start of each fiscal year. This\u2026<\/div>","protected":false},"author":1,"featured_media":10454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146],"tags":[],"class_list":["post-10440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-support"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.2 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Form 12BB? How to Fill &amp; Download<\/title>\n<meta name=\"description\" content=\"Form 12BB is used to declare an employee\u2019s investment to save on taxation on their taxable income. Read more about it in our article.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Form 12BB? How to Fill &amp; Download\" \/>\n<meta property=\"og:description\" content=\"Form 12BB is used to declare an employee\u2019s investment to save on taxation on their taxable income. Read more about it in our article.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/\" \/>\n<meta property=\"og:site_name\" content=\"TankhaPay\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/tankhapay\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T08:23:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/10\/What-is-Form-12BB.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"828\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Shashank Tiwari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TankhaPay\" \/>\n<meta name=\"twitter:site\" content=\"@TankhaPay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shashank Tiwari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.tankhapay.com\/blog\/form-12bb\/\"},\"author\":{\"name\":\"Shashank Tiwari\",\"@id\":\"https:\/\/www.tankhapay.com\/blog\/#\/schema\/person\/2cd4102b54131275ebc24ba9ff5265b2\"},\"headline\":\"What is Form 12BB? 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