Outlook Money
As the current financial year 2023-24 (FY24) nears its end in March, employees across organizations will need to provide evidence of their investments to their companies to manage finances better and claim tax benefits.
The list of proofs includes Deduction Section 80C, Life insurance premium slips, Section 80CCD1(B) and Medical reimbursement, etc.
The procedure involves obtaining Form 12BB, this form can be obtained from employer or from the Income Tax Department's official website.
The employee should fill out personal details such as their name, Permanent Account Number (PAN), employer's name, employer's PAN, and financial year for which the declaration is being made.
In Form 12BB, the employee needs to provide details of investments, payments, and expenditures eligible for tax deductions or exemptions under various sections of the Income Tax Act.
Along with Form 12BB, the employee should attach supporting documents such as investment proofs, rent receipts, loan statements, etc., for verification by the employer.
After filling out the form and attaching supporting documents, the employee should submit Form 12BB to their employer within the specified deadline. This is usually done at the end of the financial year or as per the employer's instructions.
Compiled by Syed Muskan