If you are salaried employee, you would have received mail from your employer to submit the tax proofs which you have declared at the beginning of the financial year. Here I will write down few important points to submit the proofs without any last minute rush. Subscribe to our articles here.
1. Don’t wait for final date
Collect the proofs and submit them at the earliest. If you are waiting for the final date, then you may miss some proofs in the last minute rush. Keep in mind that, if you don’t submit all the proofs on time there will be more tax cut on your salary and you can claim that only by issuing the refund. That will take another one year.
2. Collect Home Loans repayment Certificates
If you have taken the home loans, you have to submit the home loans repayment certificate from the banker. It will have both principal repayment and the interest payment. Read more about the limit of exemption on the home loans:
3. Collect TDS Certificates from Bank on Interest Income
This is applicable only if you have the fixed deposit in the banks. The interest income on the fixed deposit is taxable and will be deducted by the bank. Very financial year banks will issue the Form 16A with the details of the tax deducted at source(TDS). You have attach the TDS certificate with the IT returns.
4. Submit Rental receipts
You have to submit the rent receipts only when your rental amount exceeds Rs.3000. Otherwise there is no need for the receipts. It is required to submit atleast one bill for each quarter of the financial year. If you want to know more about the HRA exemption please read the below articles:
5. Education Loans
You can claim the education loans interest payment under section 80e.
6. Section 80C
It is well known section for every one because section 80c has the Rs.100000 tax exemption for the investments. Many people confuses what is fall under the section 80c. Please read the following notes:
- HRA exemption is not fall under section 80c. It is coming under section 13A
- Home Loans interest payment is coming under section 24b.
- Home loans principal payment is fall under section 80c. If you have paid Rs.100000 as the principal repayment of the home loans, then you can not show any other investments.
- The following are the list of investments fall under section 80c
- Provident Fund (PF)
- Insurance Premium
- Public Provident Fund (PPF)
- Medical Insurance
- Mutual Funds
- NSC Bonds
- Tax Savings Fixed Deposit
- Provident Fund (PF)
Summary
I hope this article would very useful for those who want to submit their proofs. It is important to submit all your investments without fail. If you have any doubts please post it in the comments section.
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December 27, 2009 at 10:23 pm
Hello Krishna,
I would like to know the consequences of not filing income tax returns?
December 27, 2009 at 11:14 pm
Hello Sunil,
Thank you for the comments. It is compulsory for everyone to file the IT returns. But, our govt. is not very keen on finding those who are not paying the taxes. In future if you are planning to apply for loans or any other financial help, without it returns there is no proof for income. Even some place they don’t accept the form 16, they need only IT returns acknowledgement receipt.
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Thanks,
Krishna
December 27, 2009 at 11:36 pm
Hello Krishna,
Thanks a lot…in future iam not going to apply for loan or financial help because everyone is going to take help from me..so in future iam not going to file an income tax returns….
December 27, 2009 at 11:38 pm
There are so many peoples who are earning in crores but they are not filing an income tax returns….
December 27, 2009 at 11:41 pm
Hello Sunil,
I can not say it right away. But, in future there is more chance to make the IT returns compulsory and may even penalize the person who has not done. It purely depends on the govt. policies. I hope if BJP comes to power, they will concentrate more on disciplinary actions against the tax evaders. BTW, i am not in favor of any political party
. It is my opinion about a party.
Thanks,
Krishna
December 28, 2009 at 1:04 am
There are people who earn in lacs per mth but they never file IT returns….what are the advantages and disadvantages,it would be great if you post a topic on this…plss
December 28, 2009 at 1:07 am
Hello Sunil,
Thank you for the suggestion. I will write a separate article about the topic. Keep watching this site for more details.
Thanks,
Krishna
December 29, 2009 at 4:47 am
We have to submit the rent receipts only or have to make court paper also? b’cause i hv only rent receipt sign by landlord with revenue stamp.
January 30, 2010 at 7:58 am
HI
I found this article very useful and my many Q are answered now.
Thakns a ton. God bless!
February 26, 2010 at 3:47 am
Hello Krishna,
Thanks for such a nice article. I have few doubts. I hope you’ll clarify them.
Let’s say I was working in a company A from April 2009 to December 2009. As part of IT declaration I have declared Fixed Deposit under Section 80C.
Before submitting the proofs, I left(resigned) company A on December 31st 2009.
I joined company B in the Month of February 2010.
My questions are:
1. To which company should I submit 80c proof?
2. Before what date should i submit 80c FD proof?
3. If I fail to submit the declared 80c proof what are the consequences?
4. Will I get normal salary from company B for the month of February and March 2010?
Thanks a lot
Regards,
Bob
April 14, 2010 at 2:18 am
hello sir
it is very useful site for information for the persons paying tax
drsandhu.in
November 23, 2011 at 8:41 am
My designing & development incomes comes from foreign countries.Please let me know the income comes from foreign countries comes under the Income-tax Act.Some says that this income is free for first year is it right?