Form 124 Income Tax - Summary
Form 124 Income Tax PDF is the official employee declaration form issued by the Income Tax Department, Government of India for claiming tax deductions and allowances from an employer. Introduced to replace the older Form 12BB, it gives employers the necessary investment and expense proofs to calculate correct Tax Deducted at Source (TDS) on salary income.
This single-page or two-page declaration is divided into Part A for employee details and Part B for claiming specific deductions. It is mainly used by salaried taxpayers opting for the old tax regime, where exemptions and deductions directly lower total taxable salary.
Key claims included in Form 124
Employees must provide proof and claim details for these specific heads under Part B:
- House Rent Allowance (HRA) with rent amount, landlord name, address, PAN, and relationship disclosure if living in a property owned by family
- Leave Travel Concession (LTC or LTA) with travel bills, boarding passes, and ticket copies
- Interest on housing loans with lender PAN, loan account number, and interest certificate
- Tax-saving investments under Chapter 80C, health insurance premiums under 80D, and eligible education loan interest
How to fill and submit Form 124 to your employer
Follow these steps to submit the declaration to your payroll team:
STEP 1 – Fill your full name, PAN, residential address, mobile number, and the relevant financial year in Part A.
STEP 2 – Enter the actual amounts paid or invested during the year under each eligible head in Part B.
STEP 3 – Attach supporting documents such as rent receipts, rent agreements, home loan certificates, and premium receipts.
STEP 4 – Sign the verification section confirming that all furnished particulars and receipts are correct.
STEP 5 – Submit the filled form and proof files to your employer’s HR or payroll portal before the company deadline.
Taxpayers seeking self-declarations for zero TDS on interest and dividend earnings can also refer to Form 121 Income Tax.
