Hi
Is Form 12BA important like Form 12B? Is it mandatory to issue form 12BA?
Form 12B is required when you switch your job in the middle of the financial year with respect to details of income earned from the previous company and tax deducted at source on such income, if any. The reason is because you joined in the middle of a financial year, there has to be a correction made in terms of consolidated income earned and submission of Form 16 from both the employers is a must.
Form 12BA is a detailed statement which is issued by the employer and has the complete details on perquisites received by an employee. The employer is required to issue Form 12BA along with Form 16. Both Form 12B and 12BA come under the same master circular of Rule 26.
Form 12BA is required to be issued by the employer on or before 15th June of immediately following the end of the financial year to the employee.
Form 12BA is required to be issued even in the absence of any perquisite given to employee. This is important as an employer can mention in Form 12B that no perquisites have been given to a respective employee.
1 Like