5 Investment Proof Submission Documents for Income Tax

In this policy, the investment risks in the investment portfolio is borne by the policyholder   

As a responsible citizen, paying the income taxes is indeed an essential practice. Equally important is utilizing the tax benefit options and saving on the payable amount. Rightly chosen and on-time tax-saving investments can lead to the optimization of exemption and help you save hefty income taxes. But to avail the exemptions and pay the appropriate tax, you need to keep a record of the investments along with proofs & submit such investment proof documents to the employer for granting you the tax benefits. These proofs should also be preserved so that the same can be furnished to the income tax department, if required in future.

It’s therefore important to know what investment documents can be submitted to your employer to help you earn tax benefits. Different investments offer a variety of tax benefits under different sections of the Income Tax Act, 1961.

Here’s a list of the top five categories of investment proof submission documents for your income tax. 

• Insurance premium receipts
  

  The annual premium payments for term insurance or ULIP plans up to Rs 1.5 lakh are entitled to tax benefits under section 80C of the Income Tax Act, 1961. Similarly, health insurance premiums are also eligible for tax deductions for individuals and HUF under Section 80D. Tax exemptions are applicable for annual premiums depending on the type of investments, mode of payment and the limits prescribed therein. Thus, to enjoy the tax deductions, you will need to submit the annual premium receipts from the insurer to your employer. This exemption can be availed for the premiums paid towards life insurance, health insurance for self, spouse or dependent children and medical expenditure for self, spouse, children or parents who are senior citizens. 

• ELSS Mutual Fund investment certificate
  

  Amounts invested in Equity Linked Savings Scheme (ELSS) Mutual Fund up to Rs 1.5 lakh per year are eligible for tax deductions under section 80C of the Income Tax Act. Here, you need to submit the investment certificate copy that contains details like the name of the person investing, type of fund, amount and date of the investment.

• Public Provident Fund deposit receipt
  

  Keeping your money in the Public Provident Fund (PPF) is also an immensely popular choice of investment for tax savings. To enjoy tax deductions under section 80C of the Income Tax Act, 1961, you can deposit up to Rs 1.5 lakh per annum in your PPF account. The investment proof submission document here is the deposit receipt copy of the current financial year, duly stamped or the copy of the deposit entry in your PPF account passbook. 

• Rent receipts for HRA
  

  You can avail full or partial tax deduction under section 10 (13A) as House Rent Allowance (HRA) if you stay in rented accommodation. Here, you need to submit the receipts of the monthly rent paid as proof. Moreover, if the annual rent amount exceeds Rs 1 lakh, a copy of the landlord’s PAN card also needs to be provided. In the case of cash transaction documents, affixing revenue stamps to the receipts is mandatory. 

• Housing Loan documents
  

  Having a home loan in your name can earn you tax benefits under sections 80C, 24B, 80EE and 80EEA for the payment of principal, interests, and stamp duty, subject to specified limits and conditions. Here, the documents that need to be submitted as proof are the interest certificate provided by the corresponding bank or financial institution with the details of the interests and the principal paid and the stamp duty or registration certificate. Alongside, the completion certificate of the said property and the occupational details of the employee need to be submitted as well.

To sum it up, to claim and optimize the tax benefits, all you need is to make the correct investments and submit the relevant documents at the right time 

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ARN-  INT/ED/11/23/6405