The Financial Year end is across the corner. If you are a worker of a company, at the beginning of each financial calendar year (or) while becoming a member of the business you have to send ‘Income Tax Declaration’ to your company. This is a provisional declaration that has details about your suggested investments and expenses that are TAX deductible.
At the financial year end, you need to provide assisting Investment Proofs for these investments which you have specified in IT declaration. The Income Tax Department has also issued a circular and managed to get very clear to all the employers to confirm the genuineness of each claim made by the worker.
So, the verification of investment proofs will be more strict by the employers. Here are the document proofs that are usually accepted to claim tax exemptions and allowances. Section 80C: To claim tax deductions under 80c, you can submit below investment documents as proofs; When you have a life insurance policy, you can submit Life insurance Premium paid receipts.
These receipts can maintain the name of self/spouse/children. Copy of the stamped deposit receipt, 12 months paid during current financial. Mortgage loan statement from your banker or provider which reflects the principal portion of your EMIs. Mutual Fund statement (Investments in ELSS funds or Retirement funds only, lump sum or SIPs). Kid’s tuition charge receipts.
Kindly remember that any obligations made towards donation, uniform fee, van charge, maintenance fees etc., will not be considered. Copy of NSC certificate in the name of personal. Copy of Tax saving Bank deposit receipt (5-year deposit). Copy of Post Office Term deposit receipt with an increase of than 5 yr terms. Copy of Sukanya Samriddhi Account passbook.
The stamp duty, registration fees, and brokerage expenditures paid towards the transfer of the property can be claimed as a deduction. Section 80 D: Copy of premium receipt paid through the Financial Year can be submitted. You can even send receipt(s) that are paid towards health-checks. Section 24B: To declare the total interest paid on your home loan during the FY, you have to post; – Loan declaration or interest certificate from your banker or home loan company. You might also need to submit the completion certificate or occupancy certificate.
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Self-declaration whether the house is self-occupied or let-out one. HRA (House Rent Allowance): Monthly rent receipts & local rental agreement need to be posted. The receipts should contain your landlord’s name, signature, and address. If the annual rent paid is more than Rs 1 Lakh, landlord’s PAN should be quoted.
In case, if you are paying the rent by cash, you have to affix revenue stamp on the receipts. Donations (Section 80G): Receipts of donations are believed as proofs. Education Loan (Section 80E): Copy of loan certificate reflecting the eye payments. Medical Allowance: Do not get baffled between your medical reimbursement allowance and mediclaim expenses.
Medical allowance is provided by your employer. It really is part of your work agreement (salary structure) between your company and yourself. To claim this allowance, you need to post original medical expenses with a Doctor’s prescription(s) copies. Medical Treatment on handicapped dependent (Section 80DD): Copies of medical expenses and duly completed Form 10-IA have to be submitted.
Medical treatment expenditures for the specified disease (Section 80DDB): Medical Bills / expenditure incurred by way of medical treatment for a given disease plus a certificate from a hospital in the prescribed form. To state Tax deductions under Section 80DDB, it is required for an individual to acquire ‘Doctor Certificate’ or ‘Prescription’ from a specialist employed in a Govt hospital only. This condition causes undue hardship to the individuals intending to state tax deduction.