How to save tax: Investment proof not only helps in saving tax, but it also organizes your financial planning. If you do not fill it on time, it will have a direct impact on your salary and tax liability.

How to save tax: The last quarter of the year is going on, and this is the time when most people try to save their income tax. If you also want to save tax, then submitting Investment Proof is very important for you. Investment proof not only helps in saving tax, but it also organizes your financial planning. If you do not fill it on time, it will have a direct impact on your salary and tax liability.

Why is it necessary to fill Investment Proof?

1. Opportunity to save tax

Under the Income Tax Act, you get many types of exemptions and deductions, such as Section 80C, 80D, 80G, etc. You will get the benefit of these exemptions only if you submit the proof of investment on time.

2. Protection from excessive TDS deduction

If you do not submit the proof on time, the employer can deduct more TDS from your salary. This will affect your cash flow.

3. Convenience during tax returns

Submitting investment proof on time will help you avoid hassles during ITR filing.

Which documents are included in investment proof?

1. Under Section 80C

PPF (Public Provident Fund) passbook

ELSS (Equity Linked Saving Scheme) statement

LIC (Life Insurance) policy receipt

Children’s tuition fee receipt

Home loan principal receipt

2. Under Section 80D

Health insurance premium receipt

3. Under Section 80G

Donation receipt

4. HRA (House Rent Allowance)

Rent receipt

Landlord’s PAN number (if rent is more than ₹ 1 lakh)

5. Interest on home loan

Certificate from bank or financial institution

How to fill Investment Proof?

1. Organize the proofs properly

Organize all the documents according to their category.

2. Upload on HR portal

Most companies allow their employees to upload proofs online on the HR portal.

3. Submit on time

Companies set a deadline for submitting proofs. It is very important to complete it on time.

4. Physical copy

If your company does not adopt digital medium, then submit physical copies of the documents to the HR department.

What will happen if the investment proof is not filled?

1. High TDS deduction

If the proof is not submitted, the company will deduct more TDS on your salary.

2. Long wait for refund

You may have to wait a long time for the refund of high TDS deducted during ITR filing.

3. Hindrance in planning

Not submitting investment proof can have a negative impact on your financial planning.

Some important tips to save tax

1. Plan your investments in time.

2. Invest in tax-exempt options (like PPF, ELSS, health insurance).

3. Keep all the necessary documents organized.

4. Know the deadline for submitting investment proof from your HR department.

Submitting investment proof is not just a way to save tax, but it is an important step to improve your financial health. By filling it on time and correctly, you can not only save your salary but can also avoid many tax related problems.