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Your money: Diligent paperwork helps in claiming tax benefits

Any lapse in documentation by an employee will lead to sharp cuts in salary

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Your Money

Vikas Kumar 



Tax

Last year, Rahul Sharma, an employee with a reputed fast-moving consumer goods (FMCG) company, realised the importance of paperwork and timely submission of investment documents to his employer when he received a fifth of his monthly salary. This year, he was relaxed when he got the official e-mail from his payroll department for investment papers and other tax-related documents before January 20. However, without reading the e-mail carefully, he gave copies of his investment documents against the declaration submitted at the beginning of the year. Unfortunately, he missed out on the newly-introduced requirement of making such claims in the prescribed Form 12BB. He again got a shock when he discovered that his January salary was lower than what it should have been. When he called the personnel concerned, the latter rattled off his mistakes: Not submitting Form 12BB for claims like house rent allowance (HRA), leave travel assistance (LTA) and interest on the housing loan. Once again, Sharma had to make amends by filling up the required form and providing the missing documents. Like Rahul, you too could face similar problems if you fail to give investment documents to your employer with Form 12BB.

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First Published: Sat, January 28 2017. 23:56 IST

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