Income Tax Investment Proofs – A Quick Checklist

Ever salaried employee declares tax deductions at the beginning of the employment, the declarations made at the beginning of your employment has to be actually claimed and supported by the investment proofs. January and February is the usually time of submission of these proofs depending on organizations deadlines for accepting the proofs.

Investment proof are needed to support your declarations made to save your deductions on your CTC salary. In case you fail to do so, you need to pay the tax for all the previous months of your employment that can be burden on you.

What are the Supporting Documents Submitted as Investment Proofs?

Investment proofs to claim under section 80C up to 1.5 lakh.

  • Life insurance premium receipts between 1 April to 31 March
  • Passbook or statement of PPF showing your deposit into the PPF account
  • Receipts of senior citizen saving scheme
  • National savings certificate
  • Tax saving mutual funds or ELSS funds
  • ULIPs or pension plans
  • 5-year bank saver FD
  • 5-year post office deposit
  • Housings loan principal

Health insurance premiums up to 50,000 can be claimed under section 80D

  • Medical insurance for self and family
  • Preventive health care checks up
  • Medical insurance for 80D

Investment proof to claim NPS investment up to 50, 000 under section 80CCD

Interest on repayment of education loan under section 80E

Donations can be claimed under section 80G

HRA claim under section 10(13a)

  • For annual rent up to 1 lakh, rent receipts with the revenue stamp and landlords signature to be submitted
  • For annual rent above 1 lakh, rent receipts along with the landlords PAN card number is to be provided

Interest on home loan up to 2 lakh under section 24B

Medical expenses on handicapped dependent under section 80DD

Medical expenses for some specific diseases under section 80DDB

Leave travel allowance claim under section 10(5)

What will happen by providing these investment proofs?

After submission, if you receive and approval up on your investment proof from your organization, your tax gets exempted and you can claim your deductions as per the investments made.

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