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)
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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