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A Guide to Investment Proof Submission

A Guide to Investment Proof Submission
December 05, 2023


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

It might appear complicated, but the process of making an investment declaration, submitting proofs to claim deductions and paying the appropriate income tax is no rocket science. It’s rather a simple exercise if you have clarity about the steps you need to follow.

Here’s an easy guide to the process of investment proof submission. 

Understanding the basics

Every salaried employee is liable to pay income tax to the Government once their annual income exceeds the threshold of exemption. The amount of tax is calculated on the taxable income calculated by the employer after taking into account the employee’s total annual income from salary and other sources, expenditures and tax-saving investments

To help the employer arrive at the correct tax amount, the employee needs to declare the earnings from other sources, investments and expenditures made in the financial year. This is called the investment declaration which is aimed at claiming the tax deductions allowed under various sections of the Income Tax Act, 1961. Thus, alongside the investment declaration, the employee also needs to submit the supporting investment proofs along with Form 12BB. 

From June 1, 2016, it has become mandatory for salaried individuals looking to claim tax deductions to submit the investment and earning details in Form 12BB and provide supporting documents for the same by the end of the financial year. 

The proofs you need to submit

 Form 12BB along with the following investment proofs need to be furnished to the employer to avail the tax benefits. 

  • Investment and Expenditures:

    Premium receipts of insurance policies, , deposit receipts of investments in PPF or NPS scheme, health insurance premium receipts, tax saving fixed deposit documents, educational loan interest certificates etc, can be submitted to avail of tax benefits under sections 80C, 80D, 80CCC, 80CCD.
  • House Rent Allowance:

    To claim House Rent Allowance (HRA), one needs to submit the monthly rent receipts and rent agreement. In case the rent exceeds Rs 1 lakh, PAN details of the landlord have to be provided too. 
  • Home Loan:

    To avail of the deductions against a home loan, an annual interest certificate specifying the principal and interest, a completion certificate of property and documents for registration, brokerage and stamp duty are to be submitted. 
  • Leave Travel Allowance:

    Once in three years, tax deductions can be claimed for Leave Travel Allowance (LTA) or Leave Travel Concession (LTC). For this, the domestic travel documents and vouchers of related expenditures should be submitted. 
  • Donations (if any):

    Tax benefits are available for donations made towards social causes as admissible under the Income Tax Provisions. Proofs of the same need to be submitted.

Know the limits

According to the different sections of the Income Tax Act, 1961, tax exemptions are allowed for investments up to a certain annual limit. In most cases, one can claim deductions for annual premium payments or investments up to Rs 1.5 lakh. Hence one must ensureto make tax-saving investments of the total permissible limit to enjoy the tax benefits in full. 

What if you make less investment?

In case of investment of less than Rs 1.5 lakh per year, you end up paying higher income tax. The easiest way out here is to buy an investment plan. You can always buy term insurance or a unit-linked insurance plan to reach the desired level of investment and enjoy the maximum possible tax exemptions. 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

#Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions.

#Tax Laws are subject to change from time to time.

#The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.  

The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year   

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.