What can be submitted as investment proof?
Investment Proof: Simply submit a copy of your FD receipt or print out your FD receipt/statement from your bank website (net banking). Insurance Policy: Life Insurance Premiums are tax-deductible up to Rs 1.5 lakh per annum under Section 80C.
What is a proof of investment?
What is a Proof of Investment? Employees can reduce their taxable income by investing in a few investment options provided by the Government. If employees have made such investments, they will declare it in their IT Declaration.
How do you declare investment when filing returns?
Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses have to be provided at the end of the financial year as well.
Do I need to submit any documents or proof with my tax return?
10 documents you need to file your income tax return
- Salary slips.
- Interest certificates from banks and post office.
- Form 26AS.
- Tax-saving investment proofs.
- Deductions under section 80D to 80U.
- Home loan statement from bank/NBFC.
Do I need to submit any proof for my HRA claim?
Yes, the rent receipt is a mandatory document to claim HRA. If an employee receives HRA in excess of Rs. 3000/month, it is necessary to present rent receipts to the employer for claiming HRA.
Why do companies ask for investment proofs?
As we approach the end of financial year, employer wants to make sure you did what you declared as it impacts the tax calculation. So it asks you to submit proofs for income tax saving investment that you made, rent receipts along with any other documents.
What happens if I don’t declare my investments?
In the event of delay in filing returns, you will still be paid the refund. However, the IT department is not obliged to pay you any interest for delay in payment refunds. To the extent you lose out by not filing your income tax returns before the stipulated date in the event you are claiming refunds.
What documents are required for filing income tax return?
List of documents required to file your Income Tax Return:
- Form 16: CHECK THESE OUT.
- Salary slips: For salaried taxpayers, it is important to keep the salary slip ready.
- Form 26AS:
- Form 16A:
- PAN card:
- Aadhaar card:
- Deductions under Section 80D to 80U:
- Capital Gain Statement:
What are the supporting documents for eFiling?
Documentation required to complete your return
- IRP5/IT3(a) Employees Tax Certificate (if applicable)
- Certificates received for local interest income, foreign interest income and foreign dividend income.
- Documents relating to medical expenditure such as:
Can we claim HRA if not submitted proof in company?
In case an employee fails to submit the rent receipts to the employer, the employer will go ahead to deduct (Tax Deducted at Source) TDS without allowing HRA exemption. However, you can still claim the tax-exemption benefit available on HRA while filing your income tax return (ITR).
How do I claim HRA in return?
HRA exemption can be claimed by mentioning the amount in the declaration form provided to you by your employer at the start of a financial year. In case the employee is unable to claim the same through the employer, you can claim HRA by filing your tax returns using the ITR-1 form.