Income Tax proof and forms required under section 80C

Have you missed the deadline of submitting Income tax proof in your Company?

Fret Not! You can still claim it with the income tax department when you file your returns.

For example, the exemption limit is Rs. 1,5000 under various headings and You could give proof only for 1,20,000. You can still make investment (PPF,NSC or LIC premium) before March 31^st 2015 and declare it as an investment in section 80C when you file your return. You don’t need to show any tax proof to the IT department but you must keep the proof with you otherwise, the IT department will ask you for the same if your case is selected under scrutiny.

These are the proofs which you need to submit under various headings.

1. Public Provident Fund (PPF)

* Front page (Cover page) of the pass book issued by the bank / post office.

* Copy of the relevant page(s) containing details of the depositor and the deposit made for the current financial year.

Notes: 

* It should be in the name of the employee or spouse or minor child / children

* Only current year contribution excluding interest accrued, if any.

Read More: Forms and Frequently Asked Questions related to Tax Investment Proofs

2. Life Insurance premium

* Receipt for Insurance Premium paid during the current financial year.

* For online payment – Statement from Insurance Company showing the current year payments can be provided.

Note: 

* Policy shall be in the name of the Employee, spouse or children only.

* In case of Single premium policy the amount is restricted to 10% of the actual capital sum assured.

* Some companies like Cognizant enroll LIC policy premium through a simple one-time online enrolment through the corporate link and integrate it to their payroll portal https://mypay.cognizant.com As of now, They have tie up with Life Insurance Corporation of India (LIC) and Bharti AXA Life Insurance. You can enroll your Bharati AXA Life Insurance on https://online.bharti-axalife.com/Cognizant/cts.aspx

3. Fixed Deposits

Copy of the Deposit receipts for the investment done during the current financial year

* If this is joint investment then the first name should be of the associate and necessary payment proof needs to be established by the associate

Notes: 

* Period of deposit is Five years and deposit should be with a Scheduled Bank clause or with Post Office under Tax saving scheme.

* Receipt should contain the word “Issued under tax scheme”.

4. Infrastructure Bonds

* Copy of the Bond / Certificate showing allotment made

* If this is joint investment then the first name should be of the associate and payment proof needs to be established by the associate.

* In case of Demat, statement showing the credit into Demat account

Notes:

* Must be an investment eligible under Section 80C.

5. Stamp Duty / Registration Fees for House property 

* Receipt issued by the Sub registrar office along with the Sale deed.

* Property Completion certificate of the property.

Notes:

* Property should be completed within the same financial year of purchase or registration.

* Needs to be updated as part of Principal Repayment.

6. Contribution to National Savings Certificate or National Savings Scheme (NSC/NSS)

* Certificate issued under the NSC VIII issue / NSS scheme in the current financial year has to be attached.

* If this is joint investment then the first name should be of the associate. Payment proof should be established by the associate.

7. Unit Linked Insurance Plan (ULIP)

* Copy of the Investment certificate / receipt for the current financial year.

* Policy document or statement should clearly specify that it falls under ULIP.

* It has to be in the name of the associate, spouse or children.

8. Pension Fund

* Certificate evidencing payments to pension funds and its eligibility for a deduction under this section during the current financial year.

* It should be in the name of the associate.

9. Rajiv Gandhi Equity Savings Scheme – u/s 80CCG

Eligibility

* Gross salary for the financial year should not exceed INR 12 Lacs.

* Should be the first time investor in Equity.

* Maximum deposit considered for Tax relief will be INR 50,000 or actual deposit

* Maximum exemption given INR 25,000 or 50% of actual deposit whichever is less

Documents required

* Copy of the Deposit receipts for the investment done during the current financial year

* Demat account statement showing that the funds are ear-marked against RGESS

Read our previous articles:

Article Related to Income Tax Proof

“Register and leave a comment if you need more information in this post.”