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Income Tax Proof Submission Documents: There are only 3 months left for the end of the financial year 2022-23. So for this financial year, companies have started demanding documents related to investments made to save tax from their employees under tax declaration. That’s why it is important for you to start submitting those papers from now itself in which you have planned to save tax by investing. Or collect documents related to those expenses from which you have decided to save tax. On the basis of these documents, your tax liability is decided or you get the benefit of tax exemption.
Let us have a look at those documents which you may have to submit in your office to save tax.
investment related documents
Taxpayers can save tax on investments up to Rs 1.50 lakh under section 80C of income tax. These investments can be made in ULIP, Life Insurance Scheme, Tax Saving Scheme of Mutual Fund ELSS, PPF, Sukanya Samriddhi Yojana, 5 Year Tax Saving Savings Scheme, EPF, NPS. Apart from this, under 80C, the benefit of tax exemption can also be availed on the education fees of two children and the principal amount of the home loan.
If you have invested in any of these schemes, then ask for the statement of annual investment from your insurance company, mutual fund company. If you want to get tax exemption through education fees or principal amount of home loan, then immediately collect the documents related to these investments or expenses because you will have to submit these documents in your office.
Tax exemption on home loan interest
You can get tax exemption on the interest amount of up to Rs 2 lakh on home loan. That is, you can deduct the interest amount up to Rs 2 lakh from your income. But this benefit will be available only when you declare it in the declaration form and submit the documents. If you have taken a home loan and you want to get tax exemption on its interest amount, then you will have to take a statement from your bank or housing finance company, in which it is written that in this financial year you have paid towards the principal amount. done and the amount paid towards interest. Tax exemption can be obtained on the annual interest amount up to Rs 2 lakh. Even if you pay more than Rs 2 lakh towards interest, you will get the benefit of deduction up to Rs 2 lakh only.
PAN card required for HRA claim
HRA stands for House Rent Allowance. If you want to get tax exemption on the amount received as HRA in salary, then you have to submit documents from rent receipt to rent agreement with the company. If your annual rent is more than Rs 1 lakh, then you will have to submit the PAN number of the landlord. It is very important to have PAN of the landlord in case of HR claim of more than Rs 1 lakh.
Documents related to Mediclaim
The benefit of tax exemption is available on the premium of medical insurance of Rs 25,000 every year. If you have also taken a medical or health insurance policy, then you can get tax exemption on the annual premium liability of Rs 25,000. But for this it is necessary that you get the statement of premium payment from your health insurance company as it has to be deposited in the company.
On the basis of these documents, your tax liability will be decided. After which the company will issue Form 16A to you for filing income tax return.
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