GUIDE TO SUBMIT INVESTMENT PROOFS TO
YOUR DDOS(SOURCE FROM INTERNET)
The Financial Year end is round the
corner, and shortly, all employees are required to submit the investment proofs
for the year 2015-16. Since the Income tax department made it very clear to all
employers to verify the geniuses of each claim made by the employee (circular 20/2015), the document
verification will be more stringent from the employers as considered to the
previous period. Employers have the right to define the guidelines in
accordance, with more controls and riders, with the income tax rules, to
safeguard the interest of the organization.
DDOS TO SATISFY THEMSELVES ABOUT THE
GENUINENESS OF CLAIM:
“The Drawing and Disbursing Officers
should satisfy themselves about the actual deposits/ subscriptions / payments
made by the employees, by calling for such particulars/ information as they
deem necessary before allowing the aforesaid deductions. In case the DDO is not
satisfied about the genuineness of the employee’s claim regarding any deposit/
subscription/ payment made by the employee, he should not allow the same, and
the employee would be free to claim the deduction/ rebate on such amount by
filing his return of income and furnishing the necessary proof etc., therewith,
to the satisfaction of the Assessing Officer”
A generic guidelines for the investment
document submission is as follows, employers still have right to add more
riders to it.
Taxation
Section
|
Guidelines
|
Rent
Payments
|
Monthly rental
receipts
Following
information is mandatory in the rent receipt.
Landlord’s name
and address, signature of the Landlord.
Landlord’s PAN or
a self-declaration, in case the annual rent amount is greater than 1.0 lakh.
Revenue stamp to
be affixed for the cash payments.
Loss on
self-occupied property and HRA exemption should be allowed in the same city-
(Ref: Notification 20/2015).
|
Interest
on Housing Loan- Self Occupied Property.
|
Interest
certificate from the bank/financial institution with the total interest and
principal paid/due for the FY.
Completion
certificate of the house property from the builder or
Self-declaration
from the employee with the details of occupation.
|
Income / Loss
from House Property- Let out Property
|
Interest
certificate from the bank/financial institution with the total interest and
principal paid/due for the FY.
Completion
certificate of the house property from the builder or
Self-declaration
from the employee with the details of occupation.
Detailed
calculation of Let out income/loss.
|
Insurance
Premium/ULIP/Pension scheme.
|
Premium
receipts paid during current financial year, in name of self, spouse,
children.
|
National
Saving Certificate (NSC)
|
Copy of NSC
certificate in the name of employee.
|
Public
Provident Fund- PPF
|
Copy of the
stamped deposit receipt, paid during current financial year or
Copy of the
Passbook with clear mention as PPF Account.
|
Interest
accrued on N S C deposited in the earlier FYs.
|
Copy of the
NSC’s purchased in the previous FYs.
Interest accrued
will be considered as other income too.
|
Tax
Saving Mutual Funds
|
Copy of
investment certificate with the employee name, Investment Date, Amount, Type
of Investment.
Only the
investments made under Tax Saving Fund / Plan will be considered
|
ELSS
|
Copy of
investment certificate with the employee name, Investment Date, Amount, Type
of Investment.
Only the
investments made under Tax Saving Fund / Plan will be considered.
|
Children
Tuition Fees.
|
Copy of Tuition
Fees paid to educational institution.
Payment in nature
of Donations, Capitation fees, Uniform fee, Sports fee, Van Fees, Shoes &
Sock etc., are not allowed.
|
Principal
Repayment of Housing Loan
|
Same as
interest on housing loan mentioned above.
|
Post Office
–Term Deposit with more than 5 year term.
|
Copy of
deposit receipt.
|
Tax Saving
Fixed Deposits with Scheduled Banks.
|
Copy of
Deposit Receipt invested during current financial year, qualified benefit
under Sec 80C of the Income Tax Act.
|
80CCG – RAJIV
GANDHI EQUITY SAVINGS SCHEME
The investment is
made in listed equity shares/Mutual funds.
Deduction is
limited to 50% of the amount invested in such equity shares subject to a
maximum of Rs.25000/-
|
Mandatory
info.
Gross Total
Income of the employee for the financial year shall not exceed twelve lakh
rupees.
The employee
should be a new retail investor as specified under the scheme.
Copy of the Form
A submitted with the Depository Participant duly acknowledged.
Self declaration
from the employee duly attested by the Depository Participant.
|
MEDICLAIM –
Deduction U/S 80 D – including preventive health check up.
Employee, spouse,
dependent children, and parents.
|
Copy of
premium receipt paid during the FY.
Receipt of
payment of preventive health check-up of the employee or family.
|
Medical Treatment
on Handicapped Dependant – Deduction U/S 80 DD
|
Proof of
a. Expenditure
incurred towards medical treatment, training and rehabilitation of a
handicapped dependent ., or
b. Amount paid or
deposited under any scheme framed in this behalf by the LIC or UTI or any
other insurer and approved by the Board for the maintenance of the
handicapped dependent
c. Form 10-IA.
|
Medical Treatment
Expenses for the specified disease – Deduction U/S 80DDB
|
Medical
Bills / expenditure incurred by way of medical treatment for a specified
disease along with a certificate from a hospital in the prescribed form.
Form 10-I
|
Interest
paid on Higher Education Loan – Deduction U/S 80 E
|
Copy of
Bank certificate stating that the loan and interest has been paid and amount
payable during the financial year.
|
For Self –
Permanent Disability – Deduction U/s 80 U
|
Form 10 I-A
|
NPS – 80CCD(1B)
|
Copy of the
stamped deposit receipt, paid during current financial year and copy of the
Passbook with clear mention as NPS Account.
|