Form 12BA: Applicability, Format and Overview Under Income Tax

What is Form 12BA?

• Form 12BA is the Statement which is issued by the employer to employee which is detailed statement showing particulars of perquisites, other fringe benefits, and profits in lieu of salary.
• Employers issue Form 12BA along with Form 16 which is a tax deducted at source certificate and hence, follows due date applicable for issuance of Form 16 i.e., 15th June of immediately following financial year

Applicability of Form 12BA:

• Form 12BA is required to be issued only when the salary paid or payable to the employee exceeds Rs 150,000.
• In case of salary not exceeding Rs 150,000, details of perquisites which already forms part of ‘Part B’ of Form 16 itself would suffice and no requirement of separate statement in the form of ‘Form 12BA .
• Hence, Form 12BA is only an additional document to be provided specifically for perquisites. ‘Salary’ for this purpose.

Note

1. Perquisites and other benefits here means :

• Accommodation facility
• Interest free or concessional loan
• Free meals
• Free education
• Use of movable assets by employees
• Gifts, vouchers etc

2. Salary here means:

Includes:

• Basic Pay
• Bonus
• Commission
• Allowances
• Any other monetary payment

Excludes :

• Dearness Allowance
• Exempt Allowances
• Employer contribution to PF
•  Value of perquisites u/s 17(2)
•  Payment which are not part of perquisites
•  Superannuation
•  Voluntary retirement benefits
•  Commutation of pension
•  Lump-sum payment for cessation of service

Details content of Form 12BA:

Details Of Employer

• Name
• Address
• TAN
• Assessing officer (TDS) jurisdiction

Details of employee:

• Name
• Designation
• PAN/Aadhar
• Whether the employee is a director or a person with substantial interest in the company
• Income from salary other than perquisites
• Financial year to which details pertain to

Perquisite valuation in detail with respect to each kind of perquisite which contains :

• Value of perquisites
• Amount any recovered from employee
• Amount of perquisites chargeable to tax
• In addition total value of profit in lieu of salary also needs to be provided

Details of tax which contains :

• Tax deducted
• Tax paid by employer on behalf of employee
• Total tax paid
• Date of payment into government treasur
• Declaration by employer