CBDT Vide notification no. 30/2016 dated 29-04-2016 has inserted a new Rule 26C in the Income Tax Rules, 1962 and notified Form 12BB for furnishing to the employer, the evidences and particulars of various deductions claimed by an employee for estimation of his income and determination of tax deducted at source from salary income under section 192 of the Income Tax Act, 1961.
The new requirement is applicable from 1st June, 2016
The employee assessee is required to furnish the following evidence or the particulars to the employer:
| Sl. No |
Nature of claims |
Evidence or particulars |
| (1) | (2) |
(3) |
| 1. | House Rent Allowance. | Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh. |
| 2. | Leave travel concession or assistance. | Evidence of expenditure. |
| 3. | Deduction of interest under the head “Income from house property” | Name, address and permanent account number of the lender. |
| 4. | Deduction under Chapter VI-A. | Evidence of investment or expenditure. |
When AO invoked provisions of section 37(1) to disallow purchases, provisions of section 69C of the Act are not applicable…
ITAT refuses to accept opening cash as source of cash deposit as assessee was not subject to audit and cash…
Mere preparation of income tax notice and forwarding the same for dispatch is not effective issuance of notice until it…
Agreement validly terminated prior to initiation of CIRP did not constitute “assets” or “property” of the corporate debtor u/s 14…
Supreme Court explains jurisdiction of courts under NI Act for dishonour of account payee or bearer cheques In a recent…
Advances received in normal course of business and adjusted against sale bills cannot be added u/s 68 of the Income…
View Comments
i am unable to fill the column 3 against sl.no.4; it requires the password that isn't known to me; plz help.
You need to fill only cells e36, e37 and e-39 to e-43 cells.