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Follow this new rule to claim LTA, HRA starting June 1


Follow this new rule to claim LTA, HRA starting June 1

Zee Media Bureau

New Delhi: The Income Tax Department has made it compulsory to furnish proof of travel if one wishes to claim tax deduction on Leave Travel Allowance.

In order to make the claim on tax deduction completely free from false claims, the Central Board of Direct Tax has released a Form 12BB. This form will require employees to give evidence of travel expenditure to their employer.

As part of new rule 26C, the Form 12BB requires employees to furnish proof to the employer not just about the LTA or LTC, but also on deduction claims on house rent, and interest on home loas.

CBDT has also extended the due date for filing quarterly TDS returns in Form 24Q, 26Q and 27Q by 15 days.

The new rules will be applicable from June 1, 2016. 

From Zee News

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