Hi,
Why perquisites are not displayed in Form 12BB?
What other points are unique for Form 12BB?
Please suggest.
Thank you.
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Form 12BA is a detailed statement of perquisites to be issued by employer to employee, Form 12B is a statement to be provided by employee who is joining new employer in the middle of financial year to his employer with respect to details of income earned from previous employment and tax deducted at source on such income if any.
No idea reqgarding your second question.
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The Form 12BB is a statement of claims by an employee for deduction of tax. Form 12BB applies to all salaried taxpayers. Using Form 12BB , an employee has to declare the investments that they have made during the year.
Form 12BA is a statement that details regarding the perquisites and other fringe benefits along with profits in lieu of an employee’s salary. Perquisites, or perks as they are called, are granted to employees for their service.
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Hi @Swati
Prerequisites are mentioned in the Form 12BA & Form 12BA must be issued if the salary of an employee is more than Rs. 1,50,000; whether or not perquisites were provided in the particular year.
Wherein Form 12BB is a statement of claim as made by the employee for the financial year, which is final statement to be considered for TDS calculation and balance if any to be deducted / remitted.
So basically Form 12BB is a consolidated from with all the investment claims made by the employee and Form 12BA does comes along with Form 12BB.
Attached a sample Form 12BBitrform12bb.pdf (12.4 KB)
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