How to pay income tax?

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Check Online Income Tax Payment

• BY myincometaxrefund.in

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The Central Board of Direct Taxes CBDT has
prescribed a new form. The Form 12BB is to be
used by tax payers to declare their investments.
Besides investments, Form 12BB will also be used
to claim the tax deductions under LTA, HRA,
section 80 and home loan interests.
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Now onwards, employees will be submitting the
details of their investment and claiming
deductions through form 12BB. However, the Online
income tax payment declaration is just an
estimate for the year.
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There was no prescribed standard format for the
salaried people to declare the details of their
investments. Hence, each employer was submitting
proof of investments of employees to the IT
department. Income tax return form online will
be applicable from 1st of June 2016.
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the estimation may vary more or less from your
actual investment at the end of the year. Either
you invest less than the declared. Or you may end
up paying more tax than the actual payable. In
such case, you claim for TDS refund.
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In any case if you declared the exact investment
as you have really made during the year, your
employer will deduct only the precise TDS from
your salary. This will eliminate chances of TDS
refund affair and overpayment of TDS.
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When to Use Form 12BB for Tax Refund and
Deductions Form 12BB will be used for claiming
following deductionsAll salaried taxpayers can
claim tax deductions using form 12BB as under
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1. Tax deductions against LTA / LTC2. Tax
deductions against HRA.3. Against interest paid
for home loans4. Deductions against all other
under chapter VI-A of the income tax act.5.
Deductions for any HRA under section 10 (13 A).
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To claim tax deductions against above, tax
payers need to fill up the Form 12BB. Submit
details and proof of all the investments and
above expenditures under which you are seeking
tax deductions.
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