Form 12BB can help salaried employees declare their investments and claim eligible tax deductions. This video explains how to use this form to potentially reduce your TDS.
First, you’ll learn how Form 12BB enables employees to inform their employers about planned investments and expenses for accurate TDS calculation. Proof of these claims needs to be submitted usually around December or January. So, remember to have your receipts and documents ready.
Next, the video explores key sections of Form 12BB. These include House Rent Allowance (HRA), Leave Travel Allowance (LTA), and loan interest deductions. It highlights the importance of providing details like your landlord’s PAN, travel proof, and interest certificates for these claims.
Then, you’ll discover how to claim Chapter VI-A deductions under sections like 80C, 80D, and 80G. These cover investments such as ELSS, insurance premiums, and charitable donations. Keep in mind that proper documentation is crucial, including receipts and certificates.
Finally, we’ll explain the verification process. You’ll understand how to fill in personal details, sign the form, and submit it to your employer with all required proofs.
Form 12BB might simplify tax declarations and help ensure accurate TDS deductions. For more tips, stay tuned!
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