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  7. The Essential List of Proofs for Income Tax Declarations

The Essential List of Proofs for Income Tax Declarations

Updated on: 21 May, 2024 01:02 PM

With the approaching new year, the Human Resource Department of your company is all set to roll up their sleeves and email you asking you to submit proofs of your Income Tax Declarations. Submitting proofs for income tax declarations can be a tough time for any salaried person.

But don’t worry, we have listed a table below that comprises the list of all the documents that you’d be required to submit to your HR when they ask you for income tax declaration proofs.

Deduction under section: Deduction for: Investment proof to be submitted Maximum Limit of Deduction
80C Life Insurance Life insurance Premium slips (in the name of self/spouse/children) Rs 1,50,000
PPF Passbook copy of PPF (Self, Spouse, any child)
Principal Repayment of Housing Loan Home loan Statement reflecting principal amount repayment / Certificate from Bank.
ELSS/Mutual Fund (Tax Saving) ELSS/Mutual Fund Statement
Children's Tuition Fees (up to 2 children) Children's Education fee receipts
NSC NSC certificate, Interest statements on NSC purchased
Unit-linked Insurance Scheme / Plan Receipts /Certificate / Statement of A/c / Copy of passbook of current financial year (Self, Spouse, any child)
Fixed Deposits (Tax Savings) Photocopy of Tax-saving FD receipt
Sukanya Samriddhi Account Sukanya Samriddhi Account passbook.
Deferred Annuity Plan Proof for the payment made for non-commutable deferred annuity on the life of the individual himself or spouse or any child.
Subscription to any deposit scheme/pension fund set up by the National Housing Bank (NHB). Subscription proof of deposit scheme or any pension fund or home loan account scheme of National Housing Bank.
80 CCC Pension Plan Receipts /Certificate / Statement of A/c / Copy of passbook of current financial year
80 D Medical Health Insurance for self, spouse and children Mediclaim policy copy or Copy of Premium receipt, Health- Checkup receipts Rs. 25,000/- (for senior citizens, the limit is Rs. 30,000/-)
Medical Health Insurance for parents Rs 25,000/- (If parents are senior citizens then the limit is Rs. 30,000/-)
80DD Expenditure on Dependents with Disability Certificate from Prescribed Authority in Form No. 10-IA or as per the applicable prescribed Form. Rs 75,000 for 40% or more disability.
Rs 125,000 for 80% or more disability.
80U Expenditure on own Disability
80DDB Treatment of Specified Diseases The prescription in respect of the diseases or ailments specified diseases by the specialists. Rs. 40,000 (Rs. 60,000 for Senior citizens or Rs. 80,000 for very senior citizens)
24(b) Interest on Housing Loan Certificate from bank/home loan statement, self-declaration of whether the house is self-occupied or let-out, and submission of completion certificate or occupancy certificate for claiming interest paid on housing loan. Rs 30,000/ Rs 2,00,000
HRA House Rent Allowance (HRA) Rental agreement or Monthly rent receipts (with Revenue Stamp in case rent is Rs. 5,000/- or more-). In case the annual rent paid is more than Rs 1 Lakh, the landlord's PAN should be quoted.
80G Donations to specified trust Receipts of donations & PAN of Donee.
80E Payment of education loan interest Copy of loan certificate reflecting the interest payments
10 (5) Leave Travel Allowance Travel tickets. LTA can be claimed twice in a block of four years. The current block is 2014-2017.
17 (2) Medical Reimbursement Original Medical bills (including Parents, Wife/husband, and Children) Rs 15,000
Others If applicable, submit the necessary proofs

For further details and expert advice on various deductions, check out our blog on deductions. This list will especially be useful when you file ITR.

Forgot to submit any tax proof to HR department? Don’t worry; you can still get income tax refund on excessively paid tax when you file income tax return with the Income Tax Department. You can check your income tax refund status here. Need help with income tax e filing? Book eCA to maximize your tax savings.

Frequently Asked Questions

Q- What is income tax declaration proof?

Evidence for tax declaration encompasses a range of documents, like a house property completion certificate from the builder or a self-declaration from the employee. For certain investments, such as ELSS Mutual Funds, you'll need a copy of the investment certificate.

Q- Does income tax department ask for proof?

In every business, providing investment proof is an essential stage in payroll processing. At this time of year, employees are required to furnish investment proofs for the tax-saving investments they declared at the beginning of the financial year.

Q- Why is Form 16 needed?

What's the purpose of Form 16? Form 16 simplifies the process of filing your income tax returns. It serves as evidence that your employer has indeed remitted the money deducted as TDS from your salary to the authorities. Additionally, it outlines how your tax liability was calculated, considering the investment declarations you provided at the start of the financial year.

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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.in. 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.