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What are the forms required for IT declaration?

# Little Savings

Here is the time to declare your planned investments and submit the documents to the Finance department for tax deduction.

We often miss the planned investments while submitting the Investment proofs, a plan ahead will save you last minute investments. After all, your hard money should not go waste.

Anyway, when I find some time, I will write a post to plan on the Investments, but it is the time now for declaration of investment proofs.

First lets see the Tax bracket for this FY 2018 - 19

Income Tax SlabsTax Rate
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Most common deductions for every individual

  1. HRA
  2. EPF
  3. Standard Deduction

For HRA, you need submit the Original rent receipts at least of one month in a quarter. No need to submit the last quarter bills(Jan - Mar 2019).

How your eligible HRA will be calculated?

  • The actual amount allotted by the employer as the HRA.
  • Actual rent paid less 10% of the basic salary.
  • 50% of the basic salary, if the employee is staying in a metro city (40% for a non-metro city).

The Finance department will consider, whichever amount is the least one from the above three.

Note that if your HRA is above 1 lakh, you need to submit the PAN number of the landlord.

For EPF, no additional proofs required to submit.

For Standard Deduction, no medical bills required to submit for this year. I will give more insight later on this. Previously we used to submit the medical bills for deduction, but for now, there is a standard deduction of 40,000 rupees for Medical Allowance and Transport Allowance and no proofs are required.

Even after the above deductions, if you are fall above 2.5 Lakhs, you need to submit the respective original proofs for the other sections/deductions. File an income tax after and all the calculations are done and the documents are ready.

Glance on other sections and corresponding proofs

Home LoanLoan Provisional Certificate
PPF/SSYBank Statement/Passbook statement
LICCopy of receipt paid for premium
NSCNSC certificate
Mutual FundsMutual Fund Receipts(will be in your subscription mail)
Tax Savings FDBank Statement/Receipt
LTAOriginal Train/Air/Bus tickets only

The proofs given in the above table for the knowledge purpose only. Please liaise with the Finance department for any other proof required.

For Last minute investments, please use the this link to open investments account from ET Money Mobile app and invest in ELSS funds to submit the IT declarations.