It would depend on the process adopted by employer. Form 12BB can also be submitted in offline mode.
7 Likes
Yes, it is advisable to submit the IT declaration before the new employer at the time of switching the job.
8 Likes
2 posts were split to a new topic: Should Form 12BB need to be submitted during declaration and end of the year again?
Shubham sir,
How do I claim tax benefit for a house purchased on loan after submitting IT declarations?
7 Likes
The Loss under head House Property in respect of interest paid on housing loan or deduction in respect of repayment of principal amount can be claimed at the time of filing of tax return.
7 Likes
Dear sir,
Any advice will be so helpful
What ways I can save more than Rs 1.5 Lakh in taxes through deductions?
6 Likes
Hi Sir,
Can a company or a firm take the benefit of Section 80C?
5 Likes
Some of the following deductions can be claimed in excess of deduction of INR 1,50,000 under Section 80C:
a) Medical insurance premium under Section 80D
b) Interest paid on a home loan can be claimed as a deduction under section 24 up to Rs 2 lakhs.
c) Additional deduction of Rs 50,000 can be claimed by investing in NPS under 80CCD (1B)
d) Any charity to notified institutions or funds can be claimed as a deduction under section 80G
e) Interest paid on education loan is allowed as deduction under section 80E
6 Likes
The provisions of Section 80C apply only to individuals or a Hindu Undivided Family (HUF). Hence, a company or a firm cannot take the benefit of Section 80C.
5 Likes
Sir,
I could not declare my investments on time. What should I do?
5 Likes
Dear sir,
If employee joins mid-year, how does declaration happen for them?
4 Likes
In case the declarations are not made on time then you can report the details of actual investments once the portal is opened for same. Alternatively, you can claim the deductions at the time of filing of tax return and claim tax refund in the tax return.
4 Likes
Individuals who join a new company or a new organisation in the middle of the year are required to submit Form 12B. The form basically discloses the information regarding the individual’s previous income.
4 Likes
Sir,
Last year I covered section 80c with PF and by investing 1.33L in ELSS. My PF will double by end of this year, so does that mean I can invest lesser amount in ELSS to cover 150000?
3 Likes
Yes, you can invest lesser amount in ELSS in current year to cover the limit of INR 1,50,000.
3 Likes
Sir,
if we have to submit IT declaration everything for whole financial year at the start itself and lets say I changed my house and paying more rent now or invested in new fixed deposit what do I do?
3 Likes
Dear sir,
If individual forgot to declare IT Declaration for Financial year in April month, and the portals is closed now. so is it possible to declare this next month? if not allowed by HR/admin what is the solution?
2 Likes
Generally portal is opened every month for the specified time period to make the changes in declaration. However, if it is not allowed by HR/admin then the changes can be made at the time of reporting actual investments. The employer will true up the tax liability basis the details of actual investments reported…
2 Likes
Sir,
Can we change some investments like HRA while giving proof? For example, I have lived in 2 houses in the year. But while submitting I just gave one owner details.
3 Likes
Generally portal is opened every month for the specified time period to make the changes in declaration. However, if it is not allowed by HR/admin then the changes can be made at the time of reporting actual investments. The employer will true up the tax liability basis the details of actual investments reported
3 Likes