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Everything About Submission of Investment Proof To Your Employer

Updated on: 16 Feb, 2024 03:26 PM

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.

Everything You Need to Know About the Submission of Investment Declaration Proof

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!

Key Points to Keep in Mind While Submitting Tax Investment Proof

Investment declaration proof must be submitted carefully to avoid any rejection of the claim by the employer.

  • Check how much you have contributed or still need to contribute for the investments shown in the form 12BB.
  • Do not limit tax savings to Section 80C. There are other tools of investment, too.
  • Explore all tax-saving strategies available to you
  • Ensure that you have copies of all the investment documents.

For What tax-saving Investments the Declaration shall be Made?

Investment declaration has to be made for the following tax-saving investments and expenses:

  • Rent receipts to claim the tax benefit on house rent allowance
  • Leave travel concessions or assistance
  • Home loan interest
  • Deductions under Section 80C, 80CCC, 80CCD
    • 80CCD: Investment made to NPS
    • 80C: Premium paid for life insurance, PPF, ELSS, children's tuition fees, etc
  • Deductions under other sections like 80D, 80E, 80G, 80TTA, etc.
    • 80D: income tax deduction related to the medical insurance premium
    • 80E: Interest paid on education loan
    • 80G: Donations made to specified organizations

Why should you Submit Proof of Investment?

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.

What if you failed to submit proof?

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!

What is the Due Date for Submitting the Investment Proof for FY 2023-24?

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!

Documents that can be Submitted as Proof of Investment or Expense

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.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.