Income Tax efiling in India for FY 2023-24 (AY 2024-25)
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Investment Proof Submission to Save Taxes - Myitronline
As a salaried employee, you must be aware of investment Proof Submission or even reminded by your employer to submit your Investment proof. Have you submitted these proofs to the employer for a refund on many taxes? If you haven’t submitted investment proofs, are still procrastinating, or even crossed the deadline. You don’t need to worry; it won’t show in your form 16. The income Tax department does not demand any proof of submission. Your employer usually requires Investment proof only to claim a refund on your behalf. Even after missing your deadline, you can submit your savings investment proofs before the financial year or on 31st march of the year. You can claim all these Exemptions and deductions under section 80C of Income Tax India and other tax-saving schemes. You can claim a refund on various tax-saving investments in Section 80C and other tax-saving investments.
Claim HRA exemption in your return
Want to save your taxes on your house rent but didn’t submit the rent receipt? Here’s a solution: If you are living on rent as a self-employed or an employee, you can claim HRA exemption under section 80GG (HRA exemption section). You need a rent receipt and homeowner's pan number to claim that refund if the homeowner's annual rental crosses 1 lakh. You can even calculate your HRA exemption using the Myitronline HRA calculator. HRA calculator. Using the HRA calculator, you can claim tax benefits on the amount you pay as the rent of accommodation a year.
Tax saving Investment options
Income Tax India offers tax-saving Investment options to taxpayers under section 80C. You can claim these refunds using these options.
Tax-saving fixed deposits in banks
Tax saving fixed deposit is a fixed deposit in which a depositor can claim a refund under section 80C. Tax saving fixed deposit is usually deposited for 5 years, under which you can claim 6 to 7% returns yearly on these deposits. Under section 80C of income tax, you can claim a refund of 1.5 lakhs per annum.
Public Provident Fund
PPF (Public Provident Fund) is a popular investment scheme. An investor usually uses these schemes to save funds for their retirement by investing a part of their monthly income. The employer also provides benefits of this investment scheme to their employers. PPF is a long-term way of investment, a taxpayer or individual can withdraw entirely after 15 years and partially after completing 6 years.
National Savings Certificate
NSC (National saving certificate) is a bond for taxpayers for a maturity period of 5 years. It is a product by the government that promotes small investments between small investors and taxpayers. There is no limit to buying NSC, but only up to 1.5 lakhs investment can earn you a tax break under section 80C of Income Tax India. The minimum interest rate of NSC is 7% per annum.
ELSS Funds
ELSS, or Equity-linked saving scheme funds, is a mutual fund investment scheme that allows you to save up to 1.5 lakhs per annum on your Income Tax under section 80C by Mutual fund India. The investment time or lock-in period is 3 years. The income tax allows taxpayers to invest up to 1.5 lakhs in specific securities from their taxable income.
Unit Linked Insurance Plan
As a contrast to a pure insurance policy, a unit-linked insurance plan offers investors both insurance and investment under a single integrated plan. Under section 80C, you can invest up to 150000 and claim to invest and secure life insurance.
Senior citizen saving scheme
Income Tax India offers a Senior citizen saving scheme (SCSS) to the elderly citizens of India to invest or save for retirement. The amount will lock in for 5 years; you can claim up to 150000 yearly. Senior citizens or Up to 60 years can plan their retirement fund under section 80C. After 5 years, this tenure can increase to 3 years further.
Tax-saving investment sections
The income tax act 1961 offers taxpayers multiple benefits to save their taxes over tax-saving investment options or instruments such as saving plans, ELSS funds, life premium insurance, ULIP, and many more under different sections. Let’s discuss these tax savings sections:
Section 80C
Under section 80C, you can claim up to Rs 1.5 lakh deductions for certain investments and expenses made during a year. You need to submit proof of these investments or expenses to your employer to get the claim.
Section 80CCD
Whether as a single person or a corporate subscriber, if you have invested in NPS for retirement savings, you can claim up to 50000 refunds on your Income tax. This is in addition to the Rs. deduction. 1.5 lakh available under section 80C of the Income Tax Act. 1961.
Section 80 EEA
Section 80 EEA allows you to get a refund on buying an affordable (worth 45 Lakh) housing scheme. Any interest payment for purchasing a new house under the affordable housing scheme is eligible for a deduction of up to Rs 1,50,000 under Section 80 EEA.
Cannot claim LTA in your return
Claiming LTA (leave travel allowance) does not come under receiving a refund under any section of Income Tax India. Meanwhile, your travel expenses against your LTA can only be claimed via your employer. LTA is eligible for two claims each four years. You can even forward unclaimed LTA to the following year and cannot claim this LTA in anyways if you have missed submitting your bills to your employer. If you want this refund on many investments and are looking for services, Myitronline is here to work for you as your personal CA. We will solve your every single query and help you. To take benefit of our services, drop an email to: marketing@myitronline.com.
Frequently asked questions
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Krishna Gopal Varshney
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