22 June 2016
You may be aware that CBDT has recently notified new form 12BB in order to claim a tax deduction on HRA, LTA and Interest paid on home loans. Now as per the new rules, one must submit the proof of travel in new form 12BB for claiming LTA benefits. In addition to this, you need to furnish detail of HRA and deduction of interest borrowing in the same form.
This new notification is applicable from 1st June 2016. Earlier also employers were taking a declaration from an employee. However, there was no standard format for the same. Introduction for this new form will standardize the process.
22 June 2016
yes this is form issue by the deptt for employer for collecting the information from employee for calculating the tax liability of the employee.
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