Form 12b

Individuals who join a new company or a new organisation in the middle of the year are required to submit Form 12b under Rule 26A. The form basically discloses the information regarding the individual’s previous income.

What is Form 12b?

Form 12b is an income tax form that needs to be furnished according to Rule 26A by an individual joining a new organisation 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.

Learn more about: Income Tax Return Income Tax Refund, Income Tax Refund Status

What constitutes Form 12b?

The employee has to fill in some details in Form 12b before submitting it to the new employer. It is very important that the individual fill in the correct details in the form.

Listed below are the details that one has to provide in Form 12b before submitting it to the employer.

What happens after the Employee submits the Form 12b?

Once the employee submits Form 12b with the correct details required, the new employer will furnish a Consolidated Form 16 at the end of the year based on the details provided by the new employee in Form 12b.

FAQ's On Form 12b

  1. Whose responsibility is it to fill Form 12b?
  2. It is the employee’s responsibility and not the previous employer’s responsibility to fill Form 12b. The employee has to fill in the declaration in Form 12b and also attach Form 16, if provided by the previous employer.

  3. Can the current employer refuse to deduct TDS on the individual’s previous salary after the submission of Form 12b?
  4. It is the employer’s obligation to deduct TDS on the individual’s consolidated salary after accounting for TDS deducted by the individual’s previous employer.

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