Form-12 BB

Hi,

What is Form-12 BB? How is it important for a employee?

Thanks.

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Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses have to be provided at the end of the financial year as well.

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@Ann

Form 12BB is a statement of claims by an employee for deduction of tax. With effect from 1st June 2016, a salaried employee is required to submit Form 12BB to his or her employee to claim tax benefits or rebate on investments and expenses. Form 12BB has to be submitted at the end of the financial year.

Form 12BB applies to all salaried taxpayers. Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses have to be provided at the end of the financial year as well.

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Form 12BB is a Income tax department prescribed form for the employees to submit investment declaration to the employer towards tax savings. This is to be submitted to the employer by the employee every year.

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Form 12BB is a statement of claims by the employee for the purpose of dedcution of taxes; Inshort Investment Declaration

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