The
income tax department came up with a new form making it compulsory for salaried
taxpayers to provide proof of travel for claiming tax deductions on LTA/LTC.
The new
form 12BB needs to be produced before the employers by the employees with
evidence in relation to house rent allowance (HRA) if it exceeds more than Rs.
1 Lakh per assessment year.
The
required details include name, address, and PAN of landlord where the total
rent paid is over Rs. 1 Lakh.
Similarly
in the case of tax deduction on LTA/LTC, employee needs to furnish travel expenditure
to the employer.
CBDT
extended the time limit for depositing TDS on transfer of immovable property
from 7 days to 30 days.
Also
due date for quarterly TDS returns in Form 24Q, 26Q and 27Q was extended by 15
days. These rules will be applicable from June 1, 2016.
An
employee can claim tax deduction of Rs. 1.5 Lakh from the total taxable income
if invested/spent in PPF, life insurance schemes, child tuition fee, home loan
repayment among others.
Section
80E provides for deduction of interest on loan taken for pursuing higher
education.
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