With the approaching new year, the Human Resource Department of your company is all set to roll up their sleeves and email you asking you to submit proofs of your Income Tax Declarations. Submitting proofs for income tax declarations can be a tough time for any salaried person.
But don’t worry, our expert CAs have compiled a list of documents that you’d be required to submit to your HR when they ask you for income tax declaration proofs.
| Deduction under section: | Deduction for: | Investment proof to be submitted | Maximum Limit of Deduction |
|---|---|---|---|
| 80C | Life Insurance | Life insurance Premium slips (in the name of self/spouse/children) | Rs 1,50,000 |
| PPF | Passbook copy of PPF (Self, Spouse, any child) | ||
| Principal Repayment of Housing Loan | Home loan Statement reflecting principal amount repayment / Certificate from Bank. | ||
| ELSS/Mutual Fund (Tax Saving) | ELSS/Mutual Fund Statement | ||
| Children Tuition Fees (up to 2 children) | Children Education fee receipts | ||
| NSC | NSC certificate, Interest statements on NSC purchased | ||
| Unit linked Insurance Scheme / Plan | Receipts /Certificate / Statement of A/c / Copy of pass book of current financial year (Self, Spouse, any child) | ||
| Fixed Deposits (Tax Savings) | Photocopy of Tax saving FD receipt | ||
| Sukanya Samriddhi Account | Sukanya Samriddhi Account passbook. | ||
| Deferred Annuity Plan | Proof for the payment made for non-commutable deferred annuity on life of individual himself or spouse or any child. | ||
| Subscription to any deposit scheme/pension fund set up by the National Housing Bank (NHB). | Subscription proof of deposit scheme or any pension fund or home loan account scheme of National Housing Bank. | ||
| 80 CCC | Pension Plan | Receipts /Certificate / Statement of A/c / Copy of pass book of current financial year | |
| 80 D | Medical Health Insurance for self, spouse and children | Mediclaim policy copy or Copy of Premium receipt, Health- Checkup receipts | Rs. 25,000/- (for senior citizen, limit is Rs. 30,000/-) |
| Medical Health Insurance for parents | Rs 25,000/- (If parents are senior citizen then limit is Rs. 30,000/-) | ||
| 80DD | Expenditure on Dependents with Disability | Certificate from Prescribed Authority in Form No. 10-IA or as per the applicable prescribed Form. | Rs 75,000 for 40% or more disability. Rs 125,000 for 80% or more disability. |
| 80U | Expenditure on own Disability | ||
| 80DDB | Treatment of Specified Diseases | The prescription in respect of the diseases or ailments specified diseases by the specialists. | Rs. 40,000 (Rs. 60,000 for Senior citizen or Rs. 80,000 for very senior citizen) |
| 24(b) | Interest on Housing Loan | Certificate from Bank/Home Loan statement, Self- Declaration whether the house is self-occupied or let-out one, submit completion certificate or occupancy certificate for claiming interest paid on housing loan. | Rs 30,000/ Rs 2,00,000 |
| HRA | House Rent Allowance (HRA) | Rental agreement or Monthly rent receipts (with Revenue Stamp in case rent is Rs. 5,000/- or more-). In case, annual rent paid is more than Rs 1 Lakh, landlords PAN should be quoted. | |
| 80G | Donations to specified trust | Receipts of donations & PAN of Donee. | |
| 80E | Payment of education loan interest | Copy of loan certificate reflecting the interest payments | |
| 10 (5) | Leave Travel Allowance | Travel tickets. LTA can be claimed twice in a block of four years. The current block is 2014-2017. | |
| 17 (2) | Medical Reimbursement | Original Medical bills (including Parents, Wife/husband, Children) | Rs 15,000 |
| Others | If applicable, submit the necessary proofs | ||
For further details and expert advice on various deductions, check out our blog on deductions.This lists will especially be useful when you file itr.
Forgot to submit any tax proof to HR department?Don’t worry you can still get income tax refund on excessively paid tax when you file income tax return with the Income Tax Department.