Updates and details for Form 12B in India – Previous Employer Salary Details:
In this article, I have given the information about Form 12B and also the required details for Form 12B. So, just scroll down and read the article.
Form 12b is an income tax form that needs to be provided according to Rule 26A by an individual joining a new group or company in the middle of the year. The main purpose of the form is to furnish details of the income earned by the individual from the previous employer. Every new employee has to submit Form 12b to their new employer. Furnishing Form 12b is not compulsory.
Must check: TDS on Commission/Brokerage Under Section 194H
The Form 12B requires to be submitted by the new employee to the employer and requires details which are given below.
- Details of your previous employer e.g. his PAN No., TAN No
- Break up of Salary like Basic salary + DS, Perquisites, House Rent Allowance, Leave Encashment, Leave Travel Allowance etc.
- Deduction in respect to Provident fund
- Deduction in regard to rent free accommodation
- Deductions if any under Section 80C, Section 80G, Section 80E, Section 80D, Section 24
- Tax Deducted at Source on Salary deducted by the previous employer
- Professional tax paid by the employee(if any)
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