C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1831 Points)
11 July 2016Friends,
As new form 12BB is require to filed up by employee whose salary subject to TDS. But when such form should be provided to employee ? bcz most of the employee invests their money throughout the year so all evidence of (for example) LIC receipts will not available now. Is it ok to to provide such form during Jan or Feb ending so atleast 99.99% evidence of investment will be available in the hand of employer ?
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 11 July 2016
Yes , It is practical problem
I think, in 4th quarter of TDS Return, we calculate final tax liability to each employee and they submit all the informations regarding other income and investment made (for deduction)
Practically, we can take all the documents at the time of claim made by employee
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