IMPORTANCE OF FORM 12BB
What is Form 12BB?
Form 12BB is a document used in India by salaried individuals to claim tax deductions for various expenses. It is a declaration form that is used to claim deductions under Sections 80C, 80D, and other sections of the Income Tax Act.
The form is to be filled out by the employee and provided to the employer along with proof of the expenses incurred. The employer then uses this form to file the TDS statement correctly. It is a certificate specifying the nature of the expenditure and the amount of tax benefit the employee is claiming under various sections of the Income-tax Act.
This form is to be submitted along with the salary statement at the time of filing the income tax returns.