Guidelines for Submission of Investment Proofs for F Y 13-14

8/10/2019 Guidelines for Submission of Investment Proofs for F Y 13-14

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Guidelines for submission of Actual Investment Proofs for F.Y. 13-14

Note:

1. The income tax benefit will be allowed strictly on the basis of adherence tofollowing guidelines.

2. The Income Tax benefit will be allowed only on the basis of actual investmentproofs submitted. In any caseit will not be allowed on Self Declaration basis.

HRA Housing Rent benefit

Original rent receipts should be submitted for the period from April 13 / date of joining. Photocopies shall not be accepted.

The rent receipts should be signed by the landlord

The rent receipts should specify rented property address.

The rent receipts should show employee name

If the monthly rent is paid by cash and monthly rent amount exceeds Rs.5000/- thenrent receipt should bear revenue stamp.

If Rent paid = > Rs.100000 P.A. then PAN of landlord is mandatory.

Exemption Criteria

Actual HRA earned for the year.

Rent paid minus 10% of Basic

40% of Basic

Least of above is exempt from tax

Medical Expense Reimbursement

The original bills of Medical expenses are be submitted

The medical bills should be for F.Y.13-14

The bills can be towards medical expenses incurred on employee or his spouse orchildren or dependant parents.

Exemption Criteria

Rs.15, 000/- or actual bills submitted, whichever is less.

Exemption cannot exceed the amount paid as Medical Expense Reimbursement in theyear by the current employer

Leave Travel Allowance

Exemption is allowed for travel within India only.

Employee essentially should be part of the travel, to be able to claim exemption. In case of travel by air, original boarding pass is to be submitted


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In case of travel by railway, original tickets are to be submitted

In case of travel by self owned car, original petrol bills are to be submitted

In case of travel by rented car, original copy of travel agency bill are to be submitted

In case of LTA claim, the self declaration as per attached format is to be submitted.

FORMAT OF

DECLARATION - LTA

Exemption Criteria

Exemption cannot exceed the amount paid as LTA in the year by the current employer,even if the actual travel expenses are higher.

In case of travel by Taxi Fare equivalent to the First Class A.C. train for the distance ofthe journey by the shortest route only will be considered as exemption

Housing Loan Interest Benefit

The provisional certificate issued by bank for current year F.Y.13-14 is to be submittedalong with possession letter.

The Certificate should be issued on or after 31st December 2013

If the loan is in joint name, then self declaration as per the attached format is to besubmitted.

HSG.LOAN INTEREST

DECLARATION.doc

Note:

In case of submission of any other document issued by bank, the benefit is disallowed

In case of non submission of self declaration, only 50% benefit will be allowed

Exemption Criteria

Maximum deduction allowed is Housing Loan interest amount paid during the year orRs.1,50,000/- whichever is less

Educational Loan (80E)

Bank Certificate or Bank statement showing amount of interest is to be submitted

Note:

The benefit is allowed only to the extent interest paid on educational loan for highereducation of employee himself or his spouse or children

Exemption Criteria

No capping of maximum limit

Actual interest paid by the employee is allowed asdeduction.


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Mediclaim (80D)

The policy copy of F.Y.13-14 is to be submitted

Note:

The policy should be in employee name. It can cover health of spouse, children and/orparents.

If case of parents above 60 years of age, kindly mention the same on policy copy.

Exemption Criteria

Rs.15000/- or actual paid whichever is less in case of individual employee, spouse andchildren

Additional benefit of Rs.5000/- is allowed if parents are covered in the mediclaim policy

Further additional benefit of Rs.15000/- is allowed if the parents covered under policyare above 60 years

Self Physical Disability Benefit (80U)

Certificate issued by Medical Authority is to be submitted

Exemption Criteria

Limited to Rs.50000/- (80% disability)

Maintenance or medical treatment of handicapped dependant (80DD)

Photocopy of certificate issued by the competent medical authority in a GovernmentHospital, with a self-declaration, certifying amount spent on treatment, training orrehabilitation of the handicapped dependent, or receipt of the amount paid to LIC/UTI forthe policy

Exemption Criteria

Limited to Rs.50000/- (80% disability)

Section 80CCG (RGESS)

Photocopy of payment receipt or statement for F.Y.13-14 is to be submitted.

Deductions under section 80 C and 80 CCC

Maximum cumulative deduction available under different investments made under Sec.80 C and80 CCC is limited to Rs.1.00 lakh


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Housing Loan Principal Repayment Benefit

The provisional certificate issued by bank for F.Y.13-14 is to be submitted.

The Certificate should be issued on or after 31st

December 13. If the loan is in joint name, then self declaration as per the attached format is to be

submitted.

HSG.LOAN INTEREST

DECLARATION.doc

Note:

In case of submission of any other document issued by bank, the benefit is disallowed

In case of non submission of self declaration, only 50% benefit will be allowed

Housing loan Stamp Duty and Registration fees benefit

It should be paid in F.Y.13-14

Payment Receipt should be submitted

Other

Donation

The benefit towards donation paid during the year is not allowed.

It is to be claimed in individual capacity

Previous Employer Income

Form 16 or a signed / sealed tax computation sheet issued by previous employer alongwith a declaration in Form 12B is to be submitted

Note:

Only Form 12B submitted will not be considered. The Taxable Salary Income, Professional Tax, Provident Fund and Income Tax

deducted by previous employer will be considered while computing tax liability withcurrent employer.

The proofs pertaining to the period after joining current employer will only be consideredfor calculating tax liability with current employer.

Guidelines for Submission of Investment Proofs for F Y 13-14

Documents

Transcript of Guidelines for Submission of Investment Proofs for F Y 13-14