1. Submit your investments proofs
To get tax relief for your investments, you have to submit the proof of investments to your employer. There are a variety of investments that offers tax relief under section 80Csuch as;
Receipt of insurance premium
Deposits made in your public provident fund (PPF) account
Investment made in equity-linked savings schemes (ELSS)
Purchase of National savings certificates (NSC)
Children’s tuition fees paid, etc.
Your employer would need the details and the documentary proof of your investments to provide the deduction under Section 80C of Income Tax Act. This will help you to save tax upto Rs. 100000
2. Submit proof for HRA (House Rent Allowance) & travel receipts
You can claim income tax deduction under HRA & travel receipts, if you intent to claim deduction for house rent allowance or travel receipts, please make sure that your rent and travel receipts have been submitted to your employer. Following are the necessary proofs for this deduction;
Rent receipt
Travel receipts
Lease deed, etc,
3. Collect TDS certificates
To ensure the right amount of Tax deduction, you need to collect all your TDS (Tax Deducted at Source) certificates from banks (Account statements) and your previous employer.
TDS certificates and Bank statements will help you to figure out the interest income on bank deposits and pay balance taxes, if any.
If you have changed the job during the course of the financial year, then you need to collect your TDS certificate (Form 16) from your former employer, and this should be submitted to your new employer so that you can ensure that the right amount of tax deductions are being accounted for in your salary. Following are the sources from where you have to collect TDS certificate;
TDS certificate from Banks
TDS certificate from former employer
Source: http://indianmoney.com/money-gyan-articles.php?cat_id=1&sub_id=110&aid=922&acat=&page_id=3&ahead=10%20Things%20to%20do%20Before%20March%2031.....!!!&subcat=2
No comments:
Post a Comment