How to file form 10BA of Income Tax

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Form 10BA is the report to be filed by the taxpayer who is required to keep tax deduction under section 80GG for rent paid on rental land. This article gives information about How to file form 10BA under section 80GG.

Requirements to claim a deduction

There are the following two requirements to claim deduction under section 80GG:

  • The taxpayer should not get HRA ( House Rent Allowance) from an association.
  • The HUF must not hold any self-occupied living housing, in case of the spouse, the minor kids, the taxpayer, or if the assessee is part of the Hindu Undivided Family.

If both needs are fulfilled, a taxpayer may present the report in Form 10 BA or the form should be filed before ITR Filing.

Section 80GG of Income Tax Act

Section 80GG gives a deduction for rent provided for both furnished or unfurnished convenience. The taxpayer should not get any House Rent Allowance from their management.

Conditions to sustain deduction for rent

  • Only a self-governing individual may claim an inference under section 80GG.
  • An individual may be salaried or self-employed.
  • The individual should not get House Rent Allowance from their association in the case of the salaried individual.
  • Form 10BA should be accessible to the department of Income-tax.
  • The assessee must not have self-occupied house property at any point.

Purpose of deduction under section 80GG

For FY 2018 to 2019, the deduction under the section should be at least:

  • Full rent paid less than 10% of complete income.
  • Twenty-five percent of the annual payroll.
  • Rs 5000 per month that is Rs 60000 annually.

ITR Form valid for Section 80 GG

The taxpayer may announce deduction under section 80GG during recording Income Tax Return by filling the conditions.

HUFs/ Individuals may claim 80GG in any kind of ITR forms like ITR 1, ITR 2, ITR 3or ITR 4 based on their income experts.

The estimated date of ITR filing is 31 July of next FY (Financial Year).

Further documents to file Form 10BA

Apart from the simple records like PAN and form 16 details, you would need the requirements like:

  • Rent vouchers or rent agreement
  • PAN details of the owner, in case the value of rent exceeds Rs 1,00,000.
  • Form filing 10BA guarantees that you are not declaring the advantage of a self-occupied house in a similar or any other place.

How to file form 10BA under section 80GG

Form 10BA requires to be filed online from the E-filing account.

  • Move to the IT e-filing portal and login through credentials.
  • Then go to the e file selection or choose Income Tax forms.
  • Choose form 10BA and select the applicable Assessment year.
  • After that choose the submission mode to ready or submit online.
  • Then press on option Continue.
  • Enter all the information that concludes the name of the landlord, the address of the rented property, and the information of how much the rent is salaried.
  • Lastly, preview the form and submit it.

Details needed in Form 10BA

There are the following main details required in this form such as below:

  • Taxpayer’s name or PAN details
  • Address of Rental property
  • Rental fee paid.
  • Address and Name of the landlord.

It is advisable to submit Form 10BA before ITR filing.

It is quite clear that Form 10BA is a report that must be filed on the website Income Tax under the e-filing portal. Also, the form is filed before ITR filing and claim deduction under section 80GG. Hence, it is preferable to filing form 10BA to claim a deduction from rent under section 80GG.

Income Tax Return Filing Due Dates for AY 2021-22 Extended

Moreover, If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.

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