1. What is Form 12BA?
An employee or staff along with salary also receives ‘perquisites’ from his employer. It should be noted that perquisites received by the employee are always in addition to the basic pay. Form 12BA is used to provide the detailed information of all the perquisites, fringe benefits, amenities, profit in lieu of salary, along with their value, received by the employee from his employer. he value of the perquisite in monetary terms along with the tax applicable on the employee in receipt of these are mentioned in the form. Form 12 BA is to be filled by every employee regardless of the fact whether they are receiving any perquisites from the company or not. In case no perquisites are received, the employee has to file a NIL form. The Employer Details required to be filled in includes the Name and Address of the Employer, also as their TAN Number.
2. Why is form 12BA used?
A. Form 12BA is a statement that contains detail of perquisites given to an employee
B. It helps in assessing the total value of perquisites given to employees and thereby calculating the tax liability of employees.
C. It is filed in addition to form 16 and is mandated by the Income Tax act, 1961
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