Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25

The submission of income tax investment proofs for FY 2024-25 is generally due by March 31st, subject to deadlines, which may vary across organisations. Employers typically start collecting these proofs between January and March. The income tax investment proof submission process is essential for accurate tax computations and rebate claims. Employees must declare their planned investments at the start of the financial year, with subsequent verification of supporting documentation by the salary department to determine final tax liabilities. Employees declare their planned investments in their IT Savings Declaration forms at the start of the financial year. As the year ends, finance teams collect and verify investment proofs.

Common Investment Proofs

Employees must present documentation of the investments they made throughout the fiscal year. Typical examples of proofs include

• Life Insurance Premium Receipts
• Public Provident Fund (PPF) Passbook/Statement
• National Savings Certificates (NSC)
• Tax-saving Fixed Deposits
• National Pension Scheme (NPS) Contribution Receipts
• Home Loan Interest Payment Proofs
• Rent Receipts for HRA Claims
• Tuition Fees for Children

Format of Submission

Investment proofs may be emailed or in hard copy, depending on your employer's procedure. Verify that the documents are readable, clear, and contain all required information, including amounts, dates, and policy numbers.

Late Submission Consequences

The employer may deduct taxes at a higher rate if proofs are not submitted on time. Your overall tax computation may be impacted in certain situations if you miss out on possible tax refunds.

Investment proof submission guide

1)Ensure that you have copies of all the investment documents

2)Mutual fund statements should include the investor name, PAN, and closing portfolio value.

3)Physical documents like bank FDs must have all maturity details highlighted.

4)Proof amounts should precisely match claimed deduction amounts.

Income tax rebate and savings

Employees can claim deductions under sections 80C, 80D, 80G, and others by providing legitimate investment proofs.

Section 80C

Section 80C is one of the most popular sections amongst taxpayers. You can claim up to Rs. 1.5 lakh in tax deductions by investing in a variety of financial assets, such as the Public Provident Fund (PPF), National Savings Certificate (NSC), and Equity Linked Savings Scheme (ELSS).

Section 80 CCD

It offers an additional deduction of ₹50,000 on NPS investments.

Section 80G

Contributions to specific relief funds and charity organizations are eligible for a tax deduction under Section 80G of the Indian Income Tax Act. As a result, you can save the most money on taxes by claiming Section 80C tax deductions.

Section 80D

Premiums for health insurance are paid in a way other than cash: For oneself, one's spouse, dependent children, or one's parents, up to ₹25,000. If your parents or relatives are elderly (60 years and above), you may receive up to ₹50,000.

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