Form 124 Income Tax Rules 2026 Download Claim Tax Deduction by Employee from Employer
FORM NO. 124
[See rule 205]
Statement showing particulars of claims by an employee for deduction of tax under section 392(5)(b)
Form No. 124 is the newly introduced form under the Income-tax Act, 2025 and Income Tax Rules, 2026, which effectively replaces the old Form 12BB.
Here are the key points regarding Form 124:
1. Purpose and Utility It is a statement furnished by a salaried employee to their employer to provide details of claims for deductions, exemptions, and allowances (such as House Rent Allowance, Leave Travel Allowance, housing loan interest, and investments). This allows the employer to accurately compute the employee’s taxable salary and appropriately deduct Tax Deducted at Source (TDS).
2. Governing Provisions The form is governed by Section 392(5)(b) of the Income-tax Act, 2025, read with Rule 205 of the Income-tax Rules, 2026.
3. Is it Mandatory? No, it is not strictly mandatory. It only needs to be filed if the employee wants the employer to consider their tax-saving claims when estimating their taxable income and TDS liability.
- If you do not submit Form 124, the employer will deduct TDS on your salary without allowing the benefit of any deductions or exemptions.
- You do not need to file Form 124 to claim the standard deduction, as it is allowed automatically.
4. Structure of the Form The form is structured into specific sections:
- Part A: Captures the basic details of the employee, including Name, Address, PAN, Contact Details, and the relevant “Tax Year”.
- Part B: Contains the details of the specific tax benefits being claimed by the employee, alongside the supporting evidence provided.
- Declaration: A certification by the employee that the particulars are correct and complete.
5. Required Supporting Documents Employees must attach evidence to support their claims in Part B, such as:
- HRA: Copy of the rent agreement. Crucially, if the annual rent exceeds ₹1,00,000, providing the landlord’s PAN is mandatory (Aadhaar is not mandatory unless requested by the employer).
- Leave Travel Allowance (LTA): Documents supporting the LTC/LTA claim.
- Housing Loan Interest: Copy of the loan agreement.
- Other Deductions: Documents proving investments or expenditures (like children’s education fees or health insurance).
6. Submission Process The form must be submitted to the current employer once every financial year at the earliest possible time. It can be submitted either electronically or physically directly to the employer; it does not need to be separately uploaded onto the Income-tax portal.
7. Changing Jobs If an employee changes jobs during the year, they can submit Form 124 to their new employer. However, they should also provide their income and TDS details from the previous employer (using the newly designated Form No. 122) to ensure correct TDS calculations.
Download pdf Form 124 Income Tax Rules 2026 Claim Tax Deduction by Employee from Employer
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FAQS on Form 124 Income Tax Rules 2026
Guidance on Form 124 Income Tax Rules 2026
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