How to save income tax: If you also want to save tax, then submit the investment proof to your company before 31 March 2025. By doing this, less tax deduction will be visible in your Form-16.
How to save income tax: The financial year is about to end. Only the last few days are left. And if you have not done the work of saving income tax yet, then this is the last chance. If you also want to save tax, then submit the Investment Proof to your company before 31 March 2025. By doing this, less tax deduction will be shown in your Form-16. This is especially important for those who are in the old tax regime. If you miss it, then tax will be deducted for sure. However, many companies ask for investment proof in January itself. But, if you could not give it then, then you still get a chance. But, after the financial year is over, there will be no benefit in giving this proof.
Why is it necessary to fill Investment Proof?
1. Opportunity to save tax
Under the Income Tax Act, you get many 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 the proof. It is very important to complete it on time.
4. Physical copy
If your company does not adopt digital medium, then submit the physical copy 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. Interruption 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 save tax from being deducted from your salary.
