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The declaration of investment must be completed at the beginning of each financial year. Your employer has requested that you declare your tax-saving investments for the year in order for them to be able to deduct the appropriate amount of tax from your monthly salary. Investment declaration is important for you because it has the potential to result in a higher take-home pay.
At the start of the financial year, all you have to do is make an educated guess about the investments that you intend to make and that’s it. Before the end of the fiscal year, you are not required to submit physical proofs of your claims. You have the option of investing less or more. The actual investments do not have to be identical to those that were declared.
Download Investment Declaration Form 2021-22 PDF [investment declaration fy 2021-22]
|Post Updated Date||August 2, 2021|
|No of Pages||3|
|Size of File||0.70 MB|
The Form 12BB is a statement of claims for tax deductions made by an employee on behalf of the company. With effect from the first day of June 2016, a salaried employee who wishes to claim tax benefits or rebates on investments or expenses must submit Form 12BB to his or her employer. The Form 12BB must be submitted at the end of the fiscal year in which it was created. Form 12BB is used by all salaried taxpayers to report their income.
An employee must declare all of the investments that they have made during the course of the year using Form 12BB. At the end of the financial year, it is also necessary to provide documentation of these investments and expenditures.
Form 12BB should be generated.
The following tax-saving investments and expenses must be declared in order to be eligible for a tax deduction:
Allowance for rent in a house
Rent is to be paid to the landlord, and the landlord’s name, address, and PAN/Aadhaar number are to be included with the payment.
Leave travel concessions or assistance to the discretion of the airline.
According to the salary package, leave travel concessions or leave travel allowances are available.
Interest on a home loan
Interest due to the lender, as well as the lender’s name, address, and PAN/Aadhaar number, are all included.
Section 80C, Section 80CCC, and Section 80CCD deductions
- 80C: Life insurance premiums to be paid and/or investments to be made in ELSS funds, PPF, NPS, and/or school tuition fees for children, among other things.
- 80CCC: Annuity plan premiums are required to be paid.
- 80CCD: Additional contributions to the NPS have been made.
Deductions under other sections of the tax code, such as 80E, 80G, 80TTA, and so on.
- 80D: Medical insurance premiums are required to be paid.
- 80E: Amount of interest to be paid on a student loan
- Donations are to be made to specific organizations in accordance with Section 80G.
- The amount of interest earned on a savings bank account is denoted by the letter 80TTA.
Frequently Asked Questions are listed below.
What is the purpose of a declaration of interest in property?
Employees are required to submit a declaration of the deductions and exemptions that they wish to be reimbursed for by their employer. According to the information provided in these declarations, the employer will deduct TDS from the employee’s salary. These investments are typically required to be made through the employer’s human resources portal.
When do I have to turn in Form 12BB to the IRS?
Ordinarily, employers request a declaration at the beginning of the fiscal year in order to estimate TDS calculations for the entire year ahead. After that, towards the end of the fiscal year, Form 12BB must be submitted to the IRS.
Is it necessary for me to submit Form 12BB to the Internal Revenue Service?
In this case, Form 12BB is not required to be submitted to the tax department. It must be submitted to your place of employment.
Because I was unable to declare my investments on time, my employer has deducted an excessive amount of TDS. What should I do in this situation?
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