What is the purpose of form 12?

The main purpose of the form is to furnish details of the income earned by the individual from the previous employer. Every new employee has to submit Form 12b to their new employer.

Who will provide form 12B?

It is a detailed statement of perquisites. Employees provide Form 12B to their new employer to join the new job in the middle of a fiscal year. Employers issue this Form to their employees along with Form 16. This Form contains details like – income from salary, TDS deductions, etc.

Is form 12B and 12BA same?

Difference Between Form 12B and 12BA Form 12BA is a detailed statement which is issued by the employer and has the complete details on perquisites received by an employee. The employer is required to issue Form 12BA along with Form 16. Both Form 12B and 12BA come under the same master circular of Rule 26.

What happens if form 12B is not submitted?

Form 12B contains all the key information like your employers’ PAN and TAN details, salary paid to you, the tax deducted, professional tax paid on your behalf, etc. In the case you don’t submit these details, both your past and the current employer will give you Form 16 and you will need to reconcile them.

What is the form No 12?

While Form 12BA as discussed above, is a detailed statement of perquisites to be issued by employer to employee, Form 12B is a statement to be provided by employee who is joining new employer in the middle of financial year to his employer with respect to details of income earned from previous employment and tax …

Where can I get Form 12?

Form 12

• You can fill out a paper Form 12 (pdf) and send it to Revenue.
• You can complete the eForm12 – this electronic form is available through Revenue’s myAccount service.
• You can fill out Form 12S (pdf) – this is a simplified return for PAYE taxpayers.

What is Form No 12?

Form 12BA is a statement that details regarding the perquisites and other fringe benefits along with profits in lieu of an employee’s salary. Perquisites, or perks as they are called, are granted to employees for their service.

What is Form 12b and 12BB?

The Form 12BB is a statement of claims by an employee for deduction of tax. With effect from 1st June 2016, a salaried employee is required to submit the Form 12BB to his or her employee to claim tax benefits or rebate on investments and expenses. Form 12BB has to be submitted at the end of the financial year.

What is form No 12?

What is form 12BA?

Form 12BA is an income-tax statement which depicts the particulars of prerequisites, employer-provided amenities, profits in lieu of salary and other fringe benefits. This form is rendered to employees along with Form 16.

What is Form 12c?

28 August 2013 That was a form for informing particulars of income (including loss under the head ‘house property’) other than salary by the employee to the employer for the purpose of tax deduction by the employer.

What is form 16 and 12B?

The form furnishes the details of your income earned from the previous employer. You are required to submit Form 12B to your new employer. Form 12B is filled with details from your salary slip and Form 16 issued by your previous employer. Details such as TAN and PAN of your previous employer. Breakup of your salary.

What is the procedure for TDs deduction in TDs?

TDS has to be submitted along with duly filled Form – 26QB ( which is a challan cum statement of deduction of tax as per Section 194 IA) within 30 days from the end of the month in which TDS was deducted. The person deducting TDS shall furnish Form 16B to the payee within 15 days from the due date of furnishing challan cum statement in Form 26QB.

Who is liable to issue TDS certificate in form 16B?

The Buyer is liable to Issue a TDS Certificate in Form 16B, within 15 days of filling of Form 26QB. The Information required to file Form 26QB are : PAN of the Buyer and the Seller of the Property. Form 26QB is the TDS RETURN FORM, for TDS Payment on Sale of Property under section 194IA of the Income Tax Act.

What is form 26qb under TDs?

Form 26QB is the TDS RETURN FORM, for TDS Payment on Sale of Property under section 194IA of the Income Tax Act. Purchase of an Immovable Property worth of more than Rs 50 Lakh requires TDS Deduction at the Rate of 1\% on Sale Consideration.

What is form 12bb of Income Tax Act?

Form 12BB of income tax act is required to be filed with the employer if you want him to consider the HRA, LTA, Section 80 and interest paid on home loans under section 24 and thus deduct lower amount of TDS from your salary. This form is applicable from 1st June, 2016.