Income tax 2024 proof submission: Requirements, and tips for smooth processing (2024)

Income tax 2024 proof submission: The income tax proof submission's last date for FY 2023-24 is generally 31st March. However, there is no strict deadline and it varies from employer to employer. Generally, your employer may ask you to declare investment proofs from January onwards till March.

Employees project their investments at the beginning of the financial year in their IT Savings Declaration forms. Around the year-end, the finance teams start collecting the proofs of investments to verify their authenticity and calculate the income tax accordingly.

“To avoid higher taxes and to obtain tax rebates, we all make certain declarations to our employers at the beginning of the year in form 12BB. It is time to submit proof of the investment made," said Abhishek Soni, CEO and Co-founder of Tax2win.

“Submitting investment proofs to claim income tax deductions requires careful attention to ensure smooth processing and avoid notices," said Agam Gupta, Exеcutivе Dirеctor, Sharе India Fincap.

Investment proof submission guide

1)Ensure all documents are self-attested with the signature matching PAN records.

2)Digital proofs like demat or mutual fund statements should include the investor name, PAN, and closing portfolio value.

3)Physical documents like bank FDs must have all maturity details highlighted.

4)Proof amounts should precisely match claimed deduction amounts. Indexation calculations for gold or property must be double-checked.

5)Maintain an annual proof submission file with purchase invoices and statements to expedite future scrutiny

6)Ensure that you have copies of all the investment documents

Income tax saving sections

Section 80C

Section 80C is one of the most popular sections amongst taxpayers as it allows deductions up to ₹1.5 lakh by making tax-saving investments

Section 80 CCD

It offers an additional deduction of ₹50,000 on NPS investments.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Sangeeta Ojha

A business media enthusiast. Writes on personal finance, business and banking.