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Investment Declaration Guide: Form 12BB Income Tax

Investment Declaration Guide: Form 12BB Income Tax
December 05, 2023


In this policy, the investment risks in the investment portfolio is borne by the policyholder  

Making an investment declaration on time is essential to help your employer ensure that your take-home salary doesn’t get heavily affected by TDS. It’s therefore immensely important to make sufficient tax-saving investments and list them in your declaration to avail of the applicable deductions in full. This is where filling up Form 12BB becomes crucial for your income tax payment. Let us guide you on the same.

Form 12BB: A glance

Submission of Form 12BB to the employer is mandatory for salaried employees of India from 1 June, 2016. It is a statement of investments made by the individual during a fiscal year and the corresponding claims for a tax deduction. The claims need to be supported by investment proofs which need to be submitted along with the form towards the end of the financial year usually between December and January

Generation of Form 12BB

Form 12BB can be generated and downloaded from the website of the Income Tax Authority of India based on specified investments by the employee.

Investments needed for Form 12BB

Following are the investments that need to be made within a financial year and the proofs of such investments have to be submitted to avail the tax exemptions and deductions under various sections of the Income Tax Act, 1961.

  • HRA:

    Get tax deductions for House Rent Allowance (HRA) if you stay in a rented property. Here the monthly rent receipts, rent agreement and PAN details of the landlord (if rent exceeds Rs 1 lakh) are to be submitted.
  • LTA:

    Avail of Leave Travel Allowance for domestic travel once in two years in a block of four years .  Vouchers of actual travel expenses and other travel documents are counted as proof.
  • Deductions under Section 80C, 80D, 80CCC and 80CCD:

    Purchase term insurance or buy ULIP online, invest in health insurance, PPF, NPS, and Annuity Plans and pay for your child’s tuition fees to get tax benefits. Submit premium receipts, fund statements, account statements, payment receipts or certificates to claim deduction up to Rs 1.5 lakh per year.
  • Home loan:

    Get partial or full tax deductions on principal and interest payments of your home loan Loan statements, interest certificates and payment documents are to be provided as proofs along with the details of the lender.
  • Deductions under chapter VI-A :

    Details of eligible investments made for availing deductions under chapter VI-A  i.e. under section 80C,80CCC and 80CCD is required to be submitted, if applicable.
    Details of other deductions under section 80E, 80G, 80TTA , etc can also be submitted, if applicable. Interests paid on education loans, donations towards social causes and charity, and interests earned from savings accounts are eligible for tax deductions under these sections. Payment receipts and interest certificates are to be submitted as proofs.

Where and when to submit Form 12BB?

Form 12BB has to be submitted by a salaried employee to his/her employer along with the relevant proofs. Usually, employers ask for investment details twice a year. At the start of the financial year, a proposed investment declaration has to be made. Corresponding to that, towards the end of the financial year in December-January, Form 12BB has to be submitted as a declaration along with proofs of actual investments made during the year.

It's almost time. Now that you know the details of Form 12BB, make sure to declare the right investments to maximize the tax benefits for the year.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

#Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions.

#Tax Laws are subject to change from time to time.

#The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year   

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.