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When do you need to submit investment proofs?
When do you need to declare investment proofs?
Do I need to submit IPSF – investment proof submission form?
Do I need to submit my investment documents?
Jan 9, 2024 · Generally, your employer may ask you to declare investment proofs from January onwards till March. Employees project their investments at the beginning of the financial year in their IT...
- Sangeeta Ojha
Aug 16, 2023 · You need to submit both IT investment declaration and Investment proofs (documents) to your employer (IPSF – Investment Proof Submission Form). If you do not submit the required investment proofs by the financial year end, your employer will then be forced to deduct complete tax without considering your provisional investments (IT Declaration) .
Jan 10, 2024 · Every employer may have specific requirements for submitting investment proofs, so employees need to comply with those requirements. How much tax do I have to pay? Calculate now. Under the...
- Navneet Dubey
- Claim HRA Exemption in Your Return
- Claim Deductions Under Section 80C with No Investments
- LTA Cannot Be Claimed
- Investment Proof Submission Last Date For FY 2023-24
- No Submission of Proofs Is Required with The Return
Did you forget to submit rent receipts to your employer on time? Don’t worry! If you live on rent and have made rent payments, you can claim a deduction on the House Rent Allowance at the time of filing your return. All you need is your rent receipts and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum). Here is our HRA...
Section 80C allows you to reduce Rs 1,50,000 from your taxable income. You can view the entire list of deductions allowed under Section 80C here. If you were not able to submit the details of your Section 80C deductions to your employer timely, you can claim them in your income tax return. You can claim them during return filing, even though they d...
Unfortunately, the exemption on LTAcannot be claimed in your return. The bills for your travel against LTA can only be claimed via your employer. You can claim LTA twice in a block of four years. You may carry forward your unclaimed LTA to the next year. So, you can request your employer not to deduct tax on it and allow you to claim it next year. ...
The income tax proof submission's last date for FY 2023-24 will be 31st March 2024. However, since you don’t have to submit it to the income tax department, there is no strict deadline, and it varies from employer to employer. Generally, your employer may ask you to declare investment proofs from January onwards till March. However, one must try to...
Remember, you DO NOT need to submit these income tax proofs to ClearTax or to the income tax department. We recommend you keep those safe lest you receive an income tax notice and the assessing officer calls for them. You must retain these proofs for 3 Years.
May 20, 2024 · Frequently Asked Questions. Q - Do we need to submit proofs while filing ITR? Yes, you need to submit your investment documents by the specified deadline established by your company. Failure to do so may result in higher TDS deductions from your March salary.
The Need for Collecting Investment Proofs. By law, employers need to calculate income tax, deduct TDS and remit it, every month. And, employees can save tax through many exemptions and deductions. But, this is allowed only against proper evidence. As per the CBDT circular, the employer is responsible for collecting the evidence:
Jan 27, 2021 · Generally salaried individuals need to submit their investment proof by December end, so that tax deducted at source (TDS) may be adjusted – in case there are differences in proposed...
