What is New Form 12BAA for Employees? Clear Your Doubts Now

Form 12BAA, introduced by the Central Board of Direct Taxes (CBDT) on October 15, 2024, is designed for employees to report non-salary income and Tax Collected at Source (TCS) details. This form, part of the Income-tax (Eighth Amendment) Rules, 2024, aims to provide comprehensive reporting for employees with multiple income sources. Employees must furnish details of Tax Deducted at Source (TDS) and TCS, including the section under which tax was deducted or collected, the name and address of the deductor or collector, and the amount of tax deducted or collected. Additionally, the form includes a section for reporting losses under the head “Income from house property.” Employees are required to sign a verification statement confirming the accuracy of the information provided. This form complements the existing Form 12BA, which employers must submit, ensuring a more accurate and complete tax reporting process for employees.