FORM 12 B

Form 12B

FORM 12 B

 

Form 12 B is used to furnish details of income in the year ending i.e. 31st March of every year.

This form 12 B is in accordance with Section 192(2) of the Income Tax Act, 1961 and Rule 26 A of the Income Tax Rules.

Sec 192 (2) of the Income Tax Act, 1961 says that if during a particular financial year a person is employed with more than one employer than he should furnish to the person responsible for making the payments required details of the income received by him from the other employers i.e. the tax deducted at source by the other employers and other related details etc.; in a form and manner laid down by the Income Tax Authorities and upon furnishing these details the person responsible for making the payment to the said person shall consider such details while making the necessary tax deductions.

Rule 26 A says that a person can produce to the person responsible for making the payment the details of the income received by him from the other employers referred with the help of Form No. 12 B

Form 12 B consists of three pages

Page 1

  • Details of the person filling the form: Name and address, Permanent Account Number and Residential status of person.

 

  • It consists of a table which has the following columns:

1. Serial No.

2. Name and address of the employers

3. Tax Account Number of the employers as allotted by the Income Tax officer

4. Permanent Account Number of the employers

5. Period of Employment

6. Total amount of salary excluding the amount shown in column 7 and 8

7. Total amount of allowances of all kinds

8. Value of perquisites and amount of interest on provident fund

9. Total value calculated after summing up values of column 6, 7 and 8.

10. Deductions under section 80 C

11. Total amount of Tax deducted during the year

12. Remarks

  • It then has a verification clause to be filled by the person filling the form declaring that all particulars of information stated in the form are true and correct to the best of his knowledge and belief.

 

  • It then has an annexure dealing with details of perquisites and amount of interest to employee’s provident fund account which is continued on page 2.

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Page 2

  • Details of the person filling the form: Name and address, Permanent Account Number, and desired period ending 31st March.

 

  • It consists of a table which has the following columns:

1. Name of the employee

2. Tax Account Number or Permanent Account Number of the employer

3. Column 3-8 Deal with the details of accommodation to be furnished if provided by the employer.

9. Value of perquisites

10. Details of conveyance provided by the employer

11. Remuneration for domestic or personal services

12. Details of travelling expenses paid by the employer

13. Details of other related benefits given by the employer

14. Employers contribution to the provident fund of employee

15. Interest credited to the provident fund account of the employee

16. Total of columns 9 to 15.

 

Page 3

  • Consists of signature of the employee.

 

Guidelines to be followed while filling Form 10:

  • Tax Account Number and Permanent account number of said person must be mentioned mandatory.
  • Name, designation and Signature of the person who is filling the Form must be mentioned mandatory.
  • Fill all required information correctly
  • Declaration on oath must be made by the person filling Form 12 B stating that all particulars of information stated in the form are true and correct to the best of his knowledge and belief on page 1 of the form.

 

Screenshots of Form 12 B are shown below

 

SUMMARY

Form 12 B is used to furnish details of income received by a person from other employers during that particular year for his service to them to that person responsible for making payment to the said person for the purpose of necessary tax deductions.

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