CBDT has Introduce a standard format for Employers to collect declaration and proof of evidence supporting investment and expenditure via New Rule 26C vide notification No. 30/2016 prescribed Form No.12BB for the purpose of estimating employees income or computing the tax deduction at source w e f 01.06.2016.
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Sl. No. |
Nature of claims |
Evidence or particulars |
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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. |
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2. |
Leave travel concession or assistance. |
Evidence of expenditure. |
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3. |
Deduction of interest under the head "Income from house property". |
Name, address and permanent account number of the lender. |
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4. |
Deduction under Chapter VI-A. |
Evidence of investment or expenditure. |
The Notification also prescribed new due date of furnishing TDS returns which are as under:
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Sl. No. |
Date of ending of quarter of financial year |
Due date |
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1. |
30th June |
31st July of the financial year |
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2. |
30th September |
31st October of the financial year |
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3. |
31st December |
31st January of the financial year |
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4. |
31st March |
31st May of the financial year immediately following the financial year in which the deduction is made". |
In the same order, the time limit for depositing tax deducted at source (TDS) on transfer of immovable property extended from 7 to 30 days.
For reference Form 12BB has been attached herewith
