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5 Investment Proof Submission Documents for Income Tax
February 17, 2025
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 deductions under 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
Related Articles:
- Investment proofs you need show in January to save TDS
- Why and When Do I Need to Submit My Tax-Saving Investment Declarations?
- Investment Proof Submission Guide for Financial Success
- Make Your Wealth Inflation-Proof: The Right Investment Helps
- Tax Structure In India: Learn Indian Tax System & Taxation in India
- Income Tax Return Guide - Details You Should Know
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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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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.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 returns mentioned is the 5-year benchmark return percentage of Nifty Alpha 50 index data as of April 30, 2025, and is not indicative returns of HDFC Life’s Top 300 Alpha 50 fund(SFIN:ULIF07828/02/25Alpha300Fd101) Source: https://www.niftyindices.com/Factsheet/Factsheet_Nifty_Alpha50.pdf
18. Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime
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.
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