New form to claim tax rebate on LTA, HRA
NEW DELHI: The income
tax department has come out with a standard Form 12BB for salaried
taxpayers to claim tax deduction on leave travel allowance concession
(LTA,LTC), house rent allowance (HRA) and interest paid on home loans.
Taxpayers will have to furnish to their
employers proof of travel in Form 12BB for claiming LTA,LTC benefits. In
case of HRA, the Central Board of Direct Taxes (CBDT) requires employees
to furnish details like name, address and PAN number of the landlord if
the aggregate rent paid exceeds Rs 1 lakh a year.
For claiming deduction of interest on
home loan, the name, address and PAN of the lender will have to be
furnished. Evidence of investment or expenditure will have to be
provided for claiming tax deduction under Chapter VI-A.
Chapter VI-A pertains to allowable
deductions under Section 80C, Section 80CCC, Section 80CCD as well as
other sections like 80E, 80G and 80TTA.
The CBDT, in the same order, also
extended the time limit for depositing tax deducted at source (TDS) on
transfer of immovable property from 7 to 30 days. Also, the due date for
filing quarterly TDS returns in Form 24Q, 26Q and 27Q was extended by
15 days.
The amended rules will be applicable
from June 1, 2016, the CBDT said. Under section 80C, a deduction of Rs
1.5 lakh can be claimed from total taxable income if invested spent in
employee’s share of PF contribution, life insurance, etc.
Source : Economic Times
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