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As the financial year is about to end, we again have to buckle up for the investments and savings to keep our future secure. But before you buckle up for this year, have you submitted proofs of the investment (investment proof) declared for the FY 2023-24?
To avoid higher taxes and to obtain tax rebates, we all make certain declarations to our employers at the beginning of the year in form 12BB. It is time to submit proof of the investment made.
Let's understand what documents you need to submit at the end of FY 2023-24 to your employer to get relief.
As you might have submitted investment declarations in a form called form 12BB at the beginning of a financial year to ensure a higher in-hand salary, it is the time when your employer will verify the genuineness of the claims made by you. The document verification by the employer will be more stringent. Let's have a look at the important points that you need to keep in mind!
Investment declaration proof must be submitted carefully to avoid any rejection of the claim by the employer.
Investment declaration has to be made for the following tax-saving investments and expenses:
Employees can reduce their taxable income by submitting proof of investment. Employees can take advantage of tax rebates by submitting relevant proof for TDS deduction.
If you have not submitted proof of your investment and your employer has deducted excess TDS, then you can claim a refund for the extra TDS deducted by filing your income tax return.
Don’t miss out on tax savings and claim your refund. Fill out form 12BB online to maximize your tax refund. Submit Form 12BB Online Today!
The due date for submitting investment proof for FY 2023-24 to your employer typically falls within the timeframe of late January to early March. However, the exact date can vary depending on your employer's internal policies.
If you have not submitted your investment proofs till now or are too confused as to which investment proofs to submit, you can get help from Tax2win’s tax experts, who ensure that you receive a maximum tax refund and stay tax-compliant. Book Tax Consultation Now!
To verify investments and expenses, you can provide any documents proving the amount and date, such as receipts, certificates, statements, or similar. Examples include PF statements, PPF passbooks, ELSS statements, NSC certificates, LIC premium receipts, home loan interest certificates, and rent agreements.
