What is Income Tax Form 12BAA ?

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Introduction of Form 12BAA by CBDT

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Purpose of Form 12BAA

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Disclosure of Non-Salary Income

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Reporting TDS Details

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Reporting TCS Detail

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TDS Management for Salaried Employees

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Comprehensive Financial Disclosure

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What is Income Tax Form 12BAA ?

Introduction of Form 12BAA by CBDT

This form helps employees offset Tax Deducted at Source (TDS) and TCS collected from non-salary sources against their salary TDS.

Purpose of Form 12BAA

Form 12BAA acts as a statement for disclosing nonsalary income under sub-section (2B) of section 192 of the Income Tax Act.

Disclosure of Non-Salary Income

Employees are required to use Form 12BAA to provide employers with fixed deposits, dividends, and commissions.

Reporting TDS Details

Form 12BAA necessitates the disclosure of Tax Deducted at Source (TDS) details, including the section under which the tax was deducted.

Reporting TCS Detail

This includes the section under which the tax was collected, the name and address of the collector, their TAN, the amount of tax collected.

TDS Management for Salaried Employees

Employers previously deducted TDS based solely on salary and declared investments, without factoring in taxes paid on other income sources.

Comprehensive Financial Disclosure

Form 12BAA provides a more comprehensive and accurate method for tax deduction adjustments.

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