How to save tax: Investment proof not only helps in saving tax, but it also organizes your financial planning. If you do not fill it on time, it will have a direct impact on your salary and tax liability.
How to save tax: The last quarter of the year is going on, and this is the time when most people try to save their income tax. If you also want to save tax, then submitting Investment Proof is very important for you. Investment proof not only helps in saving tax, but it also organizes your financial planning. If you do not fill it on time, it will have a direct impact on your salary and tax liability.
Why is it necessary to fill Investment Proof?
1. Opportunity to save tax
Under the Income Tax Act, you get many types of exemptions and deductions, such as Section 80C, 80D, 80G, etc. You will get the benefit of these exemptions only if you submit the proof of investment on time.
2. Protection from excessive TDS deduction
If you do not submit the proof on time, the employer can deduct more TDS from your salary. This will affect your cash flow.
3. Convenience during tax returns
Submitting investment proof on time will help you avoid hassles during ITR filing.
Which documents are included in investment proof?
1. Under Section 80C
PPF (Public Provident Fund) passbook
ELSS (Equity Linked Saving Scheme) statement
LIC (Life Insurance) policy receipt
Children’s tuition fee receipt
Home loan principal receipt
2. Under Section 80D
Health insurance premium receipt
3. Under Section 80G
Donation receipt
4. HRA (House Rent Allowance)
Rent receipt
Landlord’s PAN number (if rent is more than ₹ 1 lakh)
5. Interest on home loan
Certificate from bank or financial institution
How to fill Investment Proof?
1. Organize the proofs properly
Organize all the documents according to their category.
2. Upload on HR portal
Most companies allow their employees to upload proofs online on the HR portal.
3. Submit on time
Companies set a deadline for submitting proofs. It is very important to complete it on time.
4. Physical copy
If your company does not adopt digital medium, then submit physical copies of the documents to the HR department.
What will happen if the investment proof is not filled?
1. High TDS deduction
If the proof is not submitted, the company will deduct more TDS on your salary.
2. Long wait for refund
You may have to wait a long time for the refund of high TDS deducted during ITR filing.
3. Hindrance in planning
Not submitting investment proof can have a negative impact on your financial planning.
Some important tips to save tax
1. Plan your investments in time.
2. Invest in tax-exempt options (like PPF, ELSS, health insurance).
3. Keep all the necessary documents organized.
4. Know the deadline for submitting investment proof from your HR department.
Submitting investment proof is not just a way to save tax, but it is an important step to improve your financial health. By filling it on time and correctly, you can not only save your salary but can also avoid many tax related problems.
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