The Income Tax department has released a new standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTALTC), house rent allowance (HRA) and interest paid on home loans.
According to the newly released form, Assessee will have to submit to their employers proof of travel in Form 12BB for claiming LTALTC benefits.
The Central Board of Direct Taxes (CBDT) has also directed 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 HRA.
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 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.
The ITR Form 12BB can be accessed here.
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