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Income Tax Declaration in HR portal

Every employer deducts tax on the salary based on the declarations made by the employee. It is that time of the year where you need to upload the proofs in the HR portal so that the employer can calculate the TDS appropriately. In the absence of proofs declaration, employer may deduct a HIGHER TDS and your take home may be DECREASED for the upcoming months. However, this TDS can be claimed as TAX REFUND by filing income tax returns based on valid proofs available with you. It is always advised to upload all the valid documents upfront so that your in-hand salary is higher and you need not wait for IT refunds from the department.

Here is the list of EXPENSES and INVESTMENTS that can be declared for tax purpose:

1) Rent paid to landlord
  •     Rental Agreement and PAN if rent declared is between Rs.1-6 lacs per annum.
  •     Rental receipts if rent declared is less than Rs.1 lac per annum.
  •     Rental Agreement, PAN and copy of TDS return if rent declared is above Rs.6 lac per annum.
2) Travel expenses
    
In case if you have LTA component as part of your salary, then you can claim travel expenses by submitting domestic travel tickets as proof for LTA. You can claim this twice during a block of 4 calendar years.

3) Internet and Telephone

In case if you have Internet and Telephone component as part of your salary, then you can claim this exemption by submitting the bills on your name. Make sure you are paying the internet bills on your name.

4) Conveyance Allowance

In case if you have Conveyance component as part of your salary, then you claim this exemption by submitting the bills on your name. Petrol bills, car maintenance, service bills will be covered


5) Research or academic allowance

In case if you have Research or academic allowance component as part of your salary, then you claim this exemption by submitting the bills on your name.

6) Medical expenses for senior citizen parents

If either of your parents are aged above 60 years and you incur any medical expenses for them which are not covered by medical insurance, then you can claim deduction U/s. 80D up to a maximum of Rs.50000 by providing medical bills, lab bills and prescriptions on their name.

7)  Investments U/s.80C

The following is the list of investments that qualifies under section 80C. 
Note that the maximum limit under this section is Rs.150000.

  • ELSS
  • Tuition fee for children
  • Home loan principal amount
  • Contribution to EPF of employee
  • Contribution to PPF
  • NSC bonds
  • ULIPs
  • Tax saver fixed deposits
  • Contribution to Sukanya Samridhi Yojana account
  • Premium paid for life insurance
  • Premium paid for term insurance
  • Stamp duty/registration fee paid at the time of registration of house property.
8) Interest paid on home loan

You can submit provisional interest paid certificate for the financial year to claim the interest exemption.

9) Interest paid on educational loan

You can submit provisional interest paid certificate for the financial year to claim the interest exemption. The educational loan shall be taken from a financial institution only. Loan taken from relatives/friends for education purpose cannot be considered under this section.

10) NPS U/s. 80CCD (1B)

You can claim addition deduction up to Rs.50000 for contribution towards Tier-1 account of NPS under section 80CCD(1B). This deduction is over and above Rs.150000 under 80C. You can submit NPS statement for the financial year as a proof of investment.

11) Medical expenses for specified diseases

By providing the proof of treatment and medical expenses, you can claim this deduction for the treatment of certain specified diseases suffered by self/family. Limit under this section is Rs.40000 for self/dependents(non-senior citizens) and Rs.100000 for Senior citizen dependents. There is a list of specified diseases mentioned under the Act. Not every severe disorder can be claimed under this section.

12) Disability in the family

By providing medical certificate issued by Government doctor in the name of dependent, you can claim fixed amount of deduction as following

Severe disability (>80%) - Rs.125000
40-80% disability- Rs.75000

To claim this deduction under section 80DD, individual shall file form 10IE under income tax forms in the income tax portal by attaching the medical certificate issued by the doctor before filing the return.

Note: You cannot claim disability for self under this section.

13) Disability for self

By providing medical certificate issued by Government doctor on your name, you can claim fixed amount of deduction as following

Severe disability (>80%) - Rs.125000
40-80% disability- Rs.75000

14) Donation to political parties/charitable institutions

Donation shall be claimed only by providing the tax donation receipt provided by the political party/charitable institution.
 
Note: This is not an exhaustive list.

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