It would depend on the process adopted by employer. Form 12BB can also be submitted in offline mode.
[30min.’ Live Discussion with Experts] on Tax Planning & IT Declaration; 3:30PM to 4:00PM, 29th April 2022
Yes, it is advisable to submit the IT declaration before the new employer at the time of switching the job.
2 posts were split to a new topic: Should Form 12BB need to be submitted during declaration and end of the year again?
How do I claim tax benefit for a house purchased on loan after submitting IT declarations?
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.
Any advice will be so helpful
What ways I can save more than Rs 1.5 Lakh in taxes through deductions?
Can a company or a firm take the benefit of Section 80C?
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
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.
I could not declare my investments on time. What should I do?
If employee joins mid-year, how does declaration happen for them?
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.
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.
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?
Yes, you can invest lesser amount in ELSS in current year to cover the limit of INR 1,50,000.
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?
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?
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…
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.
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