List of Investment proof to employer for TDS
I submitted Income tax declaration shall I provide the investment proof to employer?
Employers take the income tax declaration from employees at the beginning of year. You can invest in various options available in 80C after proper evaluation.Employer collect it to fix the amount of TDS to be deducted. While giving declaration no proof of investment is provided.The declaration state that employee will invest an amount for tax saving.The employer give the benefit while calculating TDS on the basis of declaration. But at the end of the year employee is required to provide the copy of investment proof to employer.If you fail to provide that the amount of exemption considered to calculate your TDS is added to your income. An additional amount of TDS is deducted as tax on that investment. It is liability of employer to deduct the correct TDS.
What are the investments eligible and proof for deduction in Income tax and
Following investments are eligible for tax exemptions and what proof can be submitted:
|
Section |
Items |
Proof |
|
80C |
· Life insurance policy · PPF · Home Loan · ELSS(equity linked saving scheme) · Tuition Fees · NSC · Tax saving 5 years bank FD · Post office term deposit Sukanya Samriddhi yojna account |
In these cases you need to provide the receipts for the investment. In case of home loan the schedule of repayment is also required. |
|
80D |
Mediclaim premium. Health insurance premium |
Receipt of payment of premium will be sufficient |
|
24B |
Interest paid on home loan |
|
|
80G |
Donation to charitable organisation |
Receipts of donations are considered as proofs. Typically the receipts issued by the charitable organization you donate do mention the eligibility under Section 80G. It is important to note that if you pay more than Rs. 10000 in cash you will not be eligible for donation. |
|
80E |
Education Loan |
You need to provide the copy of loan certificate or payment schedule. |
|
80DD |
Medical treatment of handicap dependent |
You need to fill form 10-IA with copies of medical bills |
|
80DDB |
Medical expanses of specified disease |
Medical bills and Doctor’s certificate |
|
80CCD |
NPS contribution |
Copy of receipt |
|
Other allowances |
Like HRA |
You need to provide the rent receipts and if the rent paid is more than Rs. 1lac you also need to provide the PAN of landlord. |
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