While joining a new company there are several formalities that need to be fulfilled. If you have joined a new organisation in the middle of the financial year then you should fill up Form 12B of the Income Tax. To ensure that the transition in the new company is smooth and all the details are on track, an individual must know how to fill Form 12B.
Before knowing the process to fill Form 12B, you should also learn what is Form 12B.
If you joined a company in the middle of the financial year, you need to submit Form 12B as per the rule of 26A.
The main purpose of Form 12B is to generate the earnings of the individual working for the previous organisation. The new employee should submit Form 12B to the new employer.
Let us now learn how to fill form 12B.
How to fill up form 12B?
Enter the name and full address of the previous employer.
Provide the TAN and PAN number of the previous organisation. You can find it from your salary slip.
Provide the period of employment.
Fill up information about the income earned in the given fiscal year before joining the new company.
Mention other information such as dearness allowance, lease encashment, house rent, etc.
Add the amount in the 6,7,8 column and provide the outcome in the ninth column.
Mention deduction details including life insurance premium, PF, etc, which falls under Section 80C.
Include the total tax deducted in the given financial year.
I hope you understand now how to fill form 12B.
Read more:
What Is Section 80C Of Income Tax Act?
What is Section 80D of Income Tax Act? What is Section 24 of Income Tax Act? HRA comes under which section?
How to fill form 12B?
Trishita
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2022-03-31T18:29:32+00:00 2022-03-31T18:29:33+00:00Comment
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