October 31, 2020

Itax Software

Income Tax Software

Form 12BB – New Form to claim Tax Exemptions by Salaried Employees With Automated Income Tax Master of Form 16 Part B for F.Y. 2018-19

December to February, your employer request that their employees submit
salary charge venture proofs alongside LTA/HRA proofs. The issue there
is no standard configuration for the equivalent. Every business has a
diverse arrangement of structures and requests distinctive venture
proofs. To conquer this and to give uniform arrangement crosswise over
associations, Income Tax Department has informed another Form 12BB
successful June 1, 2016.

The structure covers the accompanying expense exclusions:
1.         House Rent Allowance (HRA)
2.         LTA (Leave Travel Allowance)/LTC (Leave Travel Concession)
3.         Interest payable on Home Loan u/s 24
4.         All Tax Deductions under Chapter VI-A which covers segments like 80C, 80CCC, 80D, and so forth
How to Fill Form 12BB?
the structure 12BB is straightforward and requests subtleties you were
at that point giving to your managers consistently. Here is a concise
rule on the best way to fill it.
For HRA Exemption:
Rent Allowance is excluded under segment 10(13A) of pay charge Act
subject to specific conditions. The structure requests measure of Rent
paid name and address of the proprietor and PAN number of the landowner
on the off chance that the yearly lease paid is more than Rs one lakh.

Free Download Automated House Rent Exemption Calculator U/s 10(13A) in Excel

LTA/LTC Exemption:
have to give every one of the tickets and bills as narrative proof to
guarantee LTA/LTC exclusion. The structure 12BB just requests the
aggregate sum guaranteed under LTA.

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Intrigue payable on Home Loan:
have to give Name, Address and PAN number of the loan specialist
alongside the intrigue paid for the year. The advance suppliers are part
into 3 classes Financial Institutions, Employer and others. Here others
spread credit from companions/family or people. For proof, you can
submit credit testament from loan specialist and finish authentication
of the house.
Deduction under Chapter VI-A
is part of two sections. Section A requests sum and report proof for
Section 80C, 80CCC, and 80CCD. Part B covers every other area like 80E,
80G, 80TTA, and so forth.

Free Download Automated Income Tax Form 16 Part B for F.Y. 2018-19 [ This Excel Utility can prepare at a time 100 Employees Form 16 Part B for F.Y. 2018-19 & Ass Year 2019-20 ]

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