TaxTMI 
TaxTMI 
Form No. 124 – Frequently Asked Questions (FAQ)
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....orm No. 124 – Frequently Asked Questions (FAQ)<BR>Income Tax<BR>Dated:- 1-4-2026<BR><BR>Form No. 124 (Earlier Form No. 12BB) Form No. 124 - Frequently Asked Questions (FAQ) Statement showing particulars of claims by an employee for deduction of tax u/s 392(5)(b) of the Income-tax Act, 2025 Name of form as per I.T. Rules, 1962 12BB Name of form as per I.T. Rules, 2026 124 Cor....
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....responding section of I.T. Act, 1961 192 Corresponding section of I.T. Act, 2025 392(5)(b) Corresponding Rule of I.T. Rules, 1962 26C Corresponding Rule of I.T. Rules, 2026 205 1. What is Form No. 124 and its use? Ans: Form No. 124 is a statement furnished by an employee to his employer for availing benefit of deductions, exemptions, allowances while computing taxable sa....
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....lary and TDS liability. Any salaried individual who wishes the employer to consider his claim of tax benefits related to House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions related to Investment or expenditure or deduction of interest on housing loan, must file this form along with supporting evidence. 2. What are the different parts of the Form No. 124? Ans: Form No. 124 ha....
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....s two parts, viz. Part A and Part B. Part A contains complete details of the employee. Part B contains details of various Tax Benefits being sought by the employee along with specified annexures in support of such claims. 3. Is it mandatory for the employee to file Form No. 124? Ans: Form No. 124 is to be filed only if the employee wants his claim of deductions or exemptions etc to be ....
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....considered by the employer while estimating his taxable income and computing TDS liability. 4. What documents are required to be filed along with Form No. 124? Ans: The documents/evidence to be filed with Form No. 124, for claiming various deductions/exemptions, are as follows: Nature of Tax Benefit Supporting Document House Rent Allowance Copy of Rent Agreement Leave Travel A....
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....llowance Documents in support of LTC/LTA claim Interest on Housing Loan Copy of Loan Agreement Deductions related to Investment or expenditure under Chapter VIII-A & B Documents in support of investment / expenditure 5. Is the PAN of the landlord mandatory in Form No. 124? Ans: Yes, the PAN of the landlord must be furnished if the annual rent exceeds Rs.1,00,000. However, Aadh....
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....aar is not mandatory unless specifically requested by the employer. 6. Can Form No. 124 be filed online? Ans: It may be submitted to the Employer either electronically or physically. It is not required to be uploaded separately on the Income-tax portal. 7. What happens if Form No. 124 is not submitted to the employer? Ans: In case employee does not file any claim seeking tax benefits t....
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....hrough Form No. 124, the employer will deduct TDS on salary income without allowing benefit of any deduction /exemption. 8. Is Form No. 124 required for the standard deduction? Ans: No. The standard deduction is allowed in every case and does not require a separate declaration in Form No. 124 or any other Form. 9. Can Form No. 124 include declarations for family-related expenses? Ans: ....
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....Yes, it can include declarations for children's education fees (as part of investment declarations) and medical reimbursements or health insurance benefits, if allowed by the organization. 10. Can Form No. 124 be submitted if an employee changes jobs during the year? Ans: Yes. The employee should also provide income and TDS details from the previous employer (via Form No. 122) to the cur....
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....rent employer for correct TDS calculation. =============<BR> News - Press release - PIB....