1. I NCOME TAX PAYMENT FILING ONLINE BY : myincometaxrefund.in myincometaxrefund.in

2. T HE C ENTRAL B OARD OF D IRECT T AXES – CBDT HAS PRESCRIBED A NEW FORM. T HE F ORM 12BB IS TO BE USED BY TAX PAYERS TO DECLARE THEIR INVESTMENTS. B ESIDES INVESTMENTS, F ORM 12BB WILL ALSO BE USED TO CLAIM THE TAX DEDUCTIONS UNDER LTA, HRA, SECTION 80 AND HOME LOAN INTERESTS.

3. N OW ONWARDS, EMPLOYEES WILL BE SUBMITTING THE DETAILS OF THEIR INVESTMENT AND CLAIMING DEDUCTIONS THROUGH FORM 12BB. H OWEVER, THE I NCOME TAX PAYMENT ONLINE DECLARATION IS JUST AN ESTIMATE FOR THE YEAR. I NCOME TAX PAYMENT ONLINE

4. T HERE WAS NO PRESCRIBED STANDARD FORMAT FOR THE SALARIED PEOPLE TO DECLARE THE DETAILS OF THEIR INVESTMENTS. H ENCE, EACH EMPLOYER WAS SUBMITTING PROOF OF INVESTMENTS OF EMPLOYEES TO THE IT DEPARTMENT. I NCOME TAX RETURN FORM ONLINE WILL BE APPLICABLE FROM 1 ST OF J UNE 2016.

6. THE ESTIMATION MAY VARY MORE OR LESS FROM YOUR ACTUAL INVESTMENT AT THE END OF THE YEAR. E ITHER YOU INVEST LESS THAN THE DECLARED. O R YOU MAY END UP PAYING MORE TAX THAN THE ACTUAL PAYABLE. I N SUCH CASE, YOU CLAIM FOR TDS REFUND.

7. I N ANY CASE IF YOU DECLARED THE EXACT INVESTMENT AS YOU HAVE REALLY MADE DURING THE YEAR, YOUR EMPLOYER WILL DEDUCT ONLY THE PRECISE TDS FROM YOUR SALARY. T HIS WILL ELIMINATE CHANCES OF TDS REFUND AFFAIR AND OVERPAYMENT OF TDS. C LICK HERE FOR DOWNLOAD I NCOME TAX RETURN FORM AND FILING YOUR I NCOME TAX PAYMENT. C LICK HERE

8. W HEN TO U SE F ORM 12BB FOR T AX R EFUND AND D EDUCTIONS F ORM 12BB WILL BE USED FOR CLAIMING FOLLOWING DEDUCTIONS : A LL SALARIED TAX PAYERS CAN CLAIM TAX DEDUCTIONS USING FORM 12BB AS UNDER :

9. 1. T AX DEDUCTIONS AGAINST LTA / LTC 2. T AX DEDUCTIONS AGAINST HRA. 3. A GAINST INTEREST PAID FOR HOME LOANS 4. D EDUCTIONS AGAINST ALL OTHER UNDER CHAPTER VI-A OF THE INCOME TAX ACT. 5. D EDUCTIONS FOR ANY HRA UNDER SECTION 10 (13 A).

10. T O CLAIM TAX DEDUCTIONS AGAINST ABOVE, TAX PAYERS NEED TO FILL UP THE F ORM 12BB. S UBMIT DETAILS AND PROOF OF ALL THE INVESTMENTS AND ABOVE EXPENDITURES UNDER WHICH YOU ARE SEEKING TAX DEDUCTIONS.

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