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Form 12BB : Investment Declaration

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Hiral Vakil

Chapter VI-A
Form 12BB
Income from House Property
TDS

Form 12BB (Investment Declaration) is an essential document for a salaried person. It is basically a disclosure of all their tax-saving investments in that particular Financial Year. Form 12BB is required by the employer for an accurate calculation and deduction of TDS on salary income. It needs to be submitted at the beginning of every financial year.

For example… Mr. Yash has invested 3 lakhs in tax saving schemes in this FY 2019-20. So, he has to file his form 12BB disclosing all the details of those investments to his/her employer between 1st April 2019 to 30th June 2019. While He can submit all evidence of those investments between 1st January 2020 to 31st March 2020. This practice is advisable for an accurate TDS deduction.

Sample Form 12BB – Investment Declaration

Sample Form 12BB Investment Declaration
Download Sample from ITD
Form 12BB
Download the draft of Form 12BB
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Form 12BB
Download the draft of Form 12BB
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Supporting Documents – Form 12BB

How to fill Form 12BB?
Employee needs to add HRA, LTA, Chapter VI-A deduction details to file Form 12BB.
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How to fill Form 12BB?
Employee needs to add HRA, LTA, Chapter VI-A deduction details to file Form 12BB.
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FAQs

Is it mandatory to submit Form 12BB?

No. It is not mandatory to submit the Investment declaration. However, if you do not submit the same to your an employer, than he will deduct excess TDS on your total salary without allowing you any tax deductions. So it is highly advisable to submit your investment declaration in Form 12BB to your employer.

When do I have to submit Investment Declaration?

Generally, employers ask for a declaration in the month of April i.e, at the beginning of the financial year to calculate TDS for the year. If you join a new job then at that time you need to submit Form 12BB. Employees may submit the investment proofs later on during the financial year.

What if I don’t submit Form 12BB on time to my employer?

In case you don’t submit form 12BB to your employer within a prescribed time, the employer will not be able to give you the benefit of deductions. As a result, excess TDS will be deducted from your salary. Do not worry you can claim a refund of such excess TDS while filing your income tax return.

Do I have to submit Form-12BB to income tax department?

No. You need to submit Form 12BB to your employer. This form will allow the employer to calculate and deduct accurate TDS from your salary.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @Maulik_Padh,

    You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
    If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR

    Here are some of the articles which might help

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