ITR Filing for FY 2024-25: Before you make investment declaration, be aware of these 5 key points
If you have invested in tax-saving instruments during the year, it is imperative that you submit the proof of investment to your employer in order to claim deduction for those investments. For instance, if you invest up to ₹1.5 lakh in certain instruments such as PPF, NSC, ULIP, you become entitled to income tax exemption under section 80C of Income Tax Act. “It is not unusual that at the time of filing of their tax return in July, some salaried taxpayers realise that they claimed income tax exemption on two separate occasions – each time with a different employer,” says CA Chirag Chauhan, a Mumbai-based chartered accountant. Failure to submit investment proofs: To understand the chronology, one must first declare the investments to the employer that one intends to make during the year. And towards the end of the year, one must submit the proof of your investment, failing which your employer will deduct TDS including on the income that you have already invested.
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