Investment Proof Submission Guidelines for the FY 2024-2025

SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX BENEFIT FOLLOWING WILL BE DISALLOWED

Original Rent Receipts one for each (Month / Quarter / Year) pertaining to current Financial Year (Apr ’24 to Mar ‘25). Least of the below is exempt for Income Tax: Rent Agreement alone without rent receipts
For every change either in rent paid or change of place of residence, one latest month receipt is required to submit.

Rent Receipt should contain: Actual HRA earned by the assessee for the year. If Loss on self-occupied property is claimed for the same period and
same city, then HRA rent is disallowed for the overlapping period.
• Rent paid for the period Rent paid minus 10% of Basic salary
• Name and signature of landlord
• Complete address of the property 40% of Basic or 50% of Basic (in case of Metro cities)
• PAN of Landlord (mandatory in case rent is > Rs.8333/- per month)
• Revenue stamp to be affixed (Not mandatory for Karnataka)
• Mode of Rent Payment (Cheque / Demand Draft, Debit Card / Credit Card, Digital Payment - UPI / Wallet,
e-Transfer/Internet Banking, Cash Payment)
House Rent
10 (13A)
Allowance Revenue stamp on the rent receipt is required if:
(i) the monthly rent paid is more than INR 5,000 and
(ii) the payment is made in cash, i.e. if payment was made via bank transfer or cheque, then revenue stamp is not
required.
The above requirement is applicable for all States, except Karnataka where revenue stamp requirement is abolished.

Employees, who have joined the company in between the year i.e. after 1st Apr 2024, should submit Rent Receipt only Maintenance and electricity charges are not considered. Only actual
for the period with the current employer (from Date of Joining till the proof submission month) rent paid will be considered.
Landlord PAN should be mandatory if the rent exceeds Rs 8333/- per month
HRA Declaration for future months to be submitted. Format will get generated online. Photocopies of rent receipts
Original train ticket(s) Exemption allowed for travel undertaken within India only. Local Travel or Conveyance
Original flight ticket(s) supported with boarding pass(s) In case of travel by Train / Flight - Travel agent’s bill without tickets does not constitute
Photocopies of proofs
valid Proof.
In case of travel by road, Original travel agent’s bill with GST No. clearly reflecting is preferrable Employee should be on paid leave for about 3-5 workin days during the period of
Travel outside India
travel which is supported by an approved leave application to be submitted
Places travelled Employee essentially should be part of the travel, to be able to claim exemption. If two claims are already made for the current block (2022 – 2025), no
Leave Travel further claim for the block will be accepted.
10
Allowance Break-up of total kilometers covered between each of the places travelled If the travel is done by private transport (Cab or Taxi), LTA exemption is restricted to
first class train fare for the longest distance through the shortest route.
Number of dependents travelled (Spouse/ Children/Parents) Exemption cannot exceed the amount paid as LTA in the year by the current
employer, even if the actual travel expenses are higher
Form For LTA claim attached For the purpose of claiming LTA Exemption, family in relation to an individual mean
1.Spouse, Parents & Children of Individual.

Photocopy of the receipt and insurance certificate issued by the Insurance Company Deduction through salary for parents in law is not eligible as per IT
Limited to Rs.25000/- In case of Individual, Spouse & Children Act
Receipts should be of the current financial year only (Apr’24 – Mar’25)
Receipt / Certificate should specify that benefit eligible u/s 80D (Mediclaim Insurance)
Limited to Rs.50000/- In case of Individual, Spouse, Children and parents below 60
Deduction through salary for self, spouse, children/ parents will be considered. No action required and same will be years
considered automatically
Premium including service tax & cess amount is allowed. Please go through a detailed note on the interpretation Sec
80D terminologies to consider Service Tax for Income Tax benefit in the sheet - 'Sec 80D Deduction Chart'.
Preventive health check-up is allowed for deduction up to Rs 5,000, within the overall deduction limit. Limited to Rs.75000/- In case of Individual, Spouse, Children and any one parent
above 60 years
Previous year receipts along with declaration to be submitted, if the policy is due after the proof submission cut-off date

Medical expenditure incurred by assessee on the health of a senior citizen aged 60 years and above provided that no
amount has been paid to effect or to keep in force an insurance on the health.

Medical The Income Tax Act does not define medical expenditure. Though medical expenditure is not defined anywhere in the
80D Act, but going by the motive, expenses such as consultation fees, medicines, hearing aids and so on can be claimed as
Insurance
deduction. Late payment charges will not qualify for the benefit.

Along with not defining the term medical expenditure, the Income Tax Act also does not specify what documents you
should keep to claim this deduction. Even then, it would be prudent to keep documentary evidence such as medical
bills, invoice of medicines and others, in case the income tax department asks you to prove the claim of your deduction. Maximum deduction of Rs. 50000/- in a financial year for the expenses incurred.

To establish the proof of medical expenses, one must keep the doctor's prescription along with the copy of Please refer the sheet 'Sec 80D Deduction Chart' for details.
invoices/receipts of the consultation fees, diagnostic tests, medicine bills etc. would be required.

Remember medical expenditure on certain specified illnesses are also covered under Section 80DDB. If you have
exhausted the limit under this section, you can claim deduction for the medical expenses under section 80D, provided
you satisfy other conditions. These conditions are: (i) expenses should be incurred for a person aged 60 years and
above and (ii) he/she should not be covered under any health insurance policy.

Maintenance Photocopy of certificate (Form - 10 IA)issued by the competent medical authority in a Government Hospital specifying
/Medical the % of disability
Self-declaration mentioning amount spent on treatment, training or rehabilitation of the handicapped dependent or No benefit if disability is < 40% Form 10 IA will not be considered, if the expiry date is before 01-Apr-
80DD treatment of receipt of the amount paid to LIC/UTI for the policy Rs.75000/- if disability is >= 40% & <80% 2024. Handicapped dependent in his individual returns should ensure
Handicapped Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry to continue claiming Rs.125000/- if disability is >= 80% that he is not claiming the benefit u/s 80U.
dependents the deduction
The prescription referred to in sub-rule (2) containing the name and age of the patient, name of the disease or ailment
along with the name, address, registration number and the qualification of the specialist issuing the prescription is
Deduction in Rs.40000/- for his assessee or dependent, in case of senior citizen and super senior
sufficient enough along with original medical expenditure bills to claim 80DDB benefit. Certificate will not be considered, if the expiry date is before 01-Apr-
respect of citizen Rs.100000/- or actual expenditure whichever is lower. Further the deduction
 Investment Proof Submission Guidelines for the FY 2024-2025
Deduction in Rs.40000/- for his assessee or dependent, in case of senior citizen and super senior
SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX Certificate will not be considered, if the expiry date is before 01-Apr-
respect of citizenBENEFIT
Rs.100000/- or actual expenditure whichever is lower. Further the deduction FOLLOWING WILL BE DISALLOWED
80DDB Applicable for the assessee or their dependent husband/wife, children, parents, brothers and sisters of the tax payer 2024. Actual expenditure bills also to be supported/submitted to
Medical amount will be reduced from the amount recovered from the insurer or from the
claim the benefit.
Treatment employer

Eligible if loan is availed by the employee for self, spouse or children for pursuing higher education.
Provisional certificate pertaining to current financial year only (Apr ’24 – Mar ’25) from the Bank / Financial Institution No capping of maximum limit
specifying the following:
Education Loan Said loan is an Educational Loan and qualify for benefit u/s 80E
80E Certificate of payment due cannot be considered as proof of payment.
Interest Benefit Break up of principal and interest paid on the loan in the current financial year (Apr 24 – Mar ’25)
Actual interest paid by the employee during the financial year is allowed in full as
Interest paid for the first 8 years on loans taken for Higher Education such as Engineering / Medical etc. The deduction deduction
is available for a maximum of 8 years (beginning from the year in which the interest starts getting repaid i.e., eligible
only on or after 01-Apr-2017) or till the entire interest is repaid, whichever is earlier.
Deduction in Photocopy of certificate (Form - 10 IA)issued by the competent medical authority in a Government Hospital specifying
case of the % of disability No benefit if disability is < 40%
Form 10 IA will not be considered, if the expiry date is before 01-Apr-
80U Disability-Only Rs.75000/- if disability is >= 40% & <80%
Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry, to continue claiming Rs.125000/- if disability is >= 80% 2024.
Self the deduction.
In case an additional NPS contribution made outside of salary pertaining to the current financial year (Apr'24 - Mar'25)
deductible u/s 80CCD1B, then photocopy of receipt/challan (or NPS transaction statement summary) issued by the
Bank or Post office. The challan copy should have the PRAN details of assessee.

Atal Pension Yojana:

The receipt/challan copy issued by the Bank or Post office or the transaction statement of APY account from the Bank
or Post office pertaining to the current financial year (Apr ’24 – Mar ’25) to be submitted towards APY contribution as a
proof.

Declaration for future months to be submitted to avail the tax benefit for future payments after the IPSF proof
confirmation date.
Additional NPS The Challan copy without PRAN will be disallowed.
Contribution The age of the employee should be between 18 and 40 years. An employee who is in age group of 18 years to 39 years
80CCD1B Maximum deduction is allowed under this section is Rs.50000/-
(External 364 days can join Atal Pension Yojana. APY - Only the contribution will be considered for tax benefit and not
Investment) the overdue interest for delayed contribution payment.
Employee should have a savings bank account/ post office savings bank account.

Provided that from 1st October,2022, any citizen who is or has been an Income Tax payer, shall not be eligible to join
Atal Pension Yojana.

The contribution amount shall depend on the age of the employee at the time of opening of APY account, frequency of
contribution and the pension slab chosen. The contributions can be made at monthly / quarterly / half yearly intervals
through auto debit facility from savings bank account/ post office savings bank account of the employee.

Provisional certificate pertaining to current financial year (Apr ’24 – Mar ’25) with breakup of interest and principal from Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property
the Housing Finance Company / Bank. PAN and address of the Bank should be provided. (Two Self and Let Out Properties together) is Rs.200000/-. If Self-occupied benefit and HRA is claimed for the same period, in
the same city, then HRA benefit is disallowed for the overlapping
period
In case of Joint loan, declaration specifying the % of benefit claimed by the individual Loan taken before 01/04/1999, interest restricted to Rs.30000/-
PAN of loan lender / bank is mandatory to furnish to claim the housing loan benefit. Lender PAN should be mandatory to get the tax benefit Tax benefit will be disallowed for non-availability of Lender PAN.
System will not allow to save the housing loan details if the lender
PAN is not available
Housing loan interest deduction through payroll will be considered. No proof required Housing Loan interest taken for renovation/repairs restricted to Rs.30000/- Bank statement showing only EMI deduction will be disallowed.
If property is not occupied within 5 years from the end of the financial year in which Interest benefit cannot be claimed, unless the property is in
capital was borrowed, interest is restricted to Rs.30000/- possession on or before 31-Mar-2025.

The period of 5 years is calculated from the end of the financial year in which loan was Deduction on home loan interest cannot be claimed when the house
Loss on Self- taken. For example, if the loan was taken on 30th April 2016, the construction of the is under construction. It can be claimed only after the construction is
Occupied house property should be completed by 31st March 2022. (For years prior to FY 2016-17, the finished. The period from borrowing money until construction of the
Sec 24 property Possession Letter from Builder or through self declaration from the employee is mandatory as per IT circular no 8/2012, period prescribed was 3 years which got increased to 5 years in Budget 2016). Note: house is completed is called pre-construction period. Interest paid
(Housing loan dated 5th October 2012 Interest deduction can only be claimed, starting in the financial year in which the during this time can be claimed as a tax deduction in five equal
interest) construction of the property is completed. instalments starting from the year in which the construction of the
property is completed.

No tax on notional rent of second self-occupied house i.e. up to two self-occupied house properties can be considered Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal Only two self occupied properties are considered for tax benefit on
for exemption while calculating the income from house property from the FY 2019-20. instalments starting from the year when the construction is completed or property is interest paid. If multiple properties, claim two under self-occupied and
acquired. the rest under let-out.
An assessee can claim that he has two self-occupied house properties and hence deduction with respect to interest on
borrowed capital for self occupied house property can be claimed with respect to both the houses. However, there is no
change in the aggregate limit for the deduction on account of interest which remains the same, i.e. Rs. 2,00,000.

Loan sanctioned date should be between 1st April 2016 to 31st Mar 2017 Sanction amount > 35 lakhs and the value of such property exceeds
Additional Loan Sanctioned amount does not exceed Rs.35 lakh If the interest amount paid exceeds Rs.200000/- in this section, then the difference 50 lakhs, benefits are not allowed under this section. This section is
80EE Housing Loan Value of residential property does not exceed Rs.50 lakh amount exceeding Rs.200000/- will be consider under 80EE. effective if the loan is sanctioned in the FY 2016-17, hence the loan
benefit The assessee does not own any other residential house property on the date of sanction of loan. Maximum deduction u/s 80EE is allowed Rs. 50000/-. sanction amount prior or after to FY 2016-17 will not be allowed to
Section 80EE benefit is applicable for self occupied property claim the benefit under this section
 Investment Proof Submission Guidelines for the FY 2024-2025
SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX BENEFIT FOLLOWING WILL BE DISALLOWED
Deduction for The loan must be taken between April 1, 2019 and March 31, 2022; A deduction for interest payments up to Rs 1,50,000 is available under Section
additional The value of house property must not exceed Rs 45 lakh; 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest
Interest in Individual should not own any house on the date of sanctioning of loan; and payments available under Section 24 of the Income Tax Act.
80EEA respect of The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
interest on loan Therefore, assesse can claim a total deduction of Rs 3.5L for interest on home loan, if
taken for house Provisional certificate pertaining to current financial year (Apr ’24 – Mar ’25) with breakup of interest and principal from he / she meets the conditions of section 80EEA.
property the Housing Finance Company / Bank. PAN and address of the Bank should be provided.
Provisional certificate pertaining to current financial year (Apr ’24 – Mar ’25) with breakup of interest and principal from Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property Bank statement showing only EMI deduction will be disallowed
the Housing Finance Company / Bank. PAN and address of the Bank should be provided. (Self and Let out both together) is Rs.200000/-.

In case of Joint loan, declaration specifying the % of benefit claimed by the individual
Loan taken before 01/04/1999, interest restricted to Rs.30000/-
Interest benefit cannot be claimed, unless the property is in
Housing Loan interest taken for renovation/repairs restricted to Rs.30000/-.
possession on or before 31-Mar-2025.
If property is not occupied within 5 years from the end of the financial year in which
capital was borrowed, interest is restricted to Rs.30000/-
Deduction on home loan interest cannot be claimed when the house
is under construction. It can be claimed only after the construction is
finished. The period from borrowing money until construction of the
The period of 5 years is calculated from the end of the financial year in which loan was
house is completed is called pre-construction period. Interest paid
taken. For example, if the loan was taken on 30th April 2016, the construction of the
during this time can be claimed as a tax deduction in five equal
property should be completed by 31st March 2022. (For years prior to FY 2016-17, the
instalments starting from the year in which the construction of the
period prescribed was 3 years which got increased to 5 years in Budget 2016). Note:
property is completed.
Interest deduction can only be claimed, starting in the financial year in which the
construction of the property is completed.

"Form for sending Particulars of income under Sec 192(B)[See Rule 26B]" and Computation of Loss / Income as per
rule is mandatory. Template attached / available on IPSF Online calculations. If loss under the head “Income from house property” cannot be fully adjusted in the
year in which such loss is incurred, then unadjusted loss can be carried forward to
Loss / Income on next year. In the subsequent years(s) such loss can be adjusted only against income
Let out House chargeable to tax under the head “Income from house property”. Such loss can be
Computation of net loss without considering Notional Rental Income
Sec 24 Property carried forward for eight years immediately succeeding the year in which the loss is
(market fair rental value) will be disallowed
(Housing loan incurred.
interest) Loss under the head “Income from house property” can be carried forward even if the
return of income/loss of the year in which loss is incurred is not furnished on or before
the due date of furnishing the return, as prescribed under section 139(1).
If the premises is left vacant / occupied by family, as per Section23 (1) (c), Notional Rental Income has to be arrived and
then, the net loss has to be arrived.

If taxpayer is having more than one house properties, then loss from one house
property can be set off against incomes of other house properties.
If the loss still exists, then such loss can be carried forward to the next year. However,
if a loss is carried forward to next year then it can be set off against house property Tax benefit will be disallowed for non-availability of Lender PAN.
income only. Hence, last year’s house property loss cannot be set off against any System will not allow to save the housing loan details if the lender
other incomes. PAN is not available
A house property loss can be carried forward to the next 8 financial years only. If loss
still persists after the end of 8 financial years, then such loss shall be forgone.

Notional rent to be taken as municipal valuation or the rent which similar property in the same locality would fetch,
whichever is higher. However, if standard rent is fixed for the property, then notional rent cannot exceed the standard
rent
PAN of loan lender / bank is mandatory to furnish to claim the housing loan benefit. Lender PAN should be mandatory to get the tax benefit
 Investment Proof Submission Guidelines for the FY 2024-2025
SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX BENEFIT FOLLOWING WILL BE DISALLOWED
Photocopy of receipts issued by the Insurance Company, pertaining to current financial year (Apr ’24 – Mar ’25) Late payment fees will not be considered
Policy can be from any approved company by IRDA(Insurance Regulatory & Development Authority)
Policy for parents are disallowed
Policy should be in the name of individual Maximum deduction is allowed under this section is within the overall Sec 80CCE limit
80CCC Pension Policy
Policy should specify that benefit eligible u/s 80CCC (Pension) of Rs.150000/-
Photocopy of previous year receipts are required for future months as proof. Future period benefits will not be provided, if declaration / previous
year receipts is not submitted
Declaration for future months to be submitted
PF / VPF / LIC
80C Deduction Deduction through payroll will be considered automatically. No proof required for the same. Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/- Do not attach pay slips or Tax computation sheets as proofs
through salary
Photocopy of receipts issued by the Insurance Company, pertaining to current financial year (Apr ’24 – Mar ’25) Late payment fees will not be considered
Policy can be from any approved company by IRDA(Insurance Regulatory & Development Authority)
Policy for parents are disallowed
Policy can be in the name of individual, spouse and children
Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
Policy should specify that benefit eligible u/s 80C
Photocopy of previous year receipts are required for future months as proof. Tax benefit on LIC premium payment will be restricted to a max of 10%, 20%, and
15% of sum assured basis the policy purchase date:
Declaration for future months to be submitted
a) 20% of the sum assured for policy purchased on or after 1st April 2003, but on or
before 31st March 2012

b) 10% of the sum assured for policy purchased on or after 1st April 2012

c) 15% of the sum assured for policy purchased on or after 1st April 2013 (15%
applicable only in cases of persons with disability or person with severe disability as
per Sec 80U or suffering from disease or ailment as specified in Sec 80DDB)
Life Insurance
80C
Premium
Section 80C of Income Tax Act entitles specified taxpayers to claim deduction for the
entire amount paid to the insurance company for specified insurance schemes. GST Future period benefits will not be provided, if declaration / previous
being an indirect tax is charged/recovered by the supplier of services from the year receipts is not submitted. Proposal Receipt will be disallowed
recipient with actual value of service. Thereby, a collective reading of Income Tax Act
and GST Law would echo that entire amount paid to the insurance company including
applicable GST would be allowed as a deduction.

As per section 80C of the Income Tax Act, "any sum paid to effect or keep in force a
contract of life insurance..." is allowed as deduction. The term 'sum paid' is wide
enough to include the annuity, charges levied by the insurer and the taxes that have
been levied on the quantum of annuity paid. Thus, the GST paid on the instalment can
be claimed as deduction under 80C.
Tax experts interpret this is to mean that the entire premium, inclusive of service tax
and cess, qualify for a tax deduction.

Photocopy of stamped challan with passbook, or Sukanya Samruddhi passbook alone.

Sukanya
Sukanya Samruddhi Account should be in the name of daughter Counterfoil alone does not constitute as proof. Passbook is
80C Samruddhi Maximum deduction is allowed under this scheme is Rs.150,000/- per Account
mandatory
Scheme Receipts should be of the current financial year only (Apr ’24 – Mar ’25)
Photocopy of stamped challan with PPF passbook, or PPF passbook alone.
Public provident Public Provident fund should be in the name of individual, spouse or children Counterfoil alone does not constitute as proof. Passbook is
80C Maximum deduction is allowed under this scheme is Rs.150,000/- per PPF Account
fund (PPF) mandatory
Receipts should be of the current financial year only (Apr ’24 – Mar ’25)
Photocopy of all the certificates for which interest is being claimed. Current year certificates do not qualify for interest benefit. Should be
Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
NSC certificate should have been taken on or after 01-Apr-2019. submitted under NSC
NSC Certificate should be in the name of individual (Self only).
Calculation of Interest is mandatory as per the NSC interest calculation table given along with the IPSF.

• NSC is a cumulative scheme where interest is compounded every year and paid to the investor at the time of maturity.
• That means each year’s interest /profit that is generated from the invested capital (money) is again automatically
added to the capital as investment which is called reinvestment. Therefore, the invested amount of the individual
80C NSC Interest increases.
• As per Section 80C of the Income-tax Act, investments towards NSC (up to 1.50 lakh) qualify for tax deduction. Certificates in the name of spouse, children and parents are
NSC Interest declared will also be accounted as “Other Income” and taxed.
• Since the interest/profit is reinvested, it become ‘investment towards NSC” and therefore qualifies for deduction under disallowed
Sec 80C.
• But when the NSC matures, the final year’s (last year) interest is not invested towards the NSC and it is paid back to
the investor along with his capital. So, the final year/last year’s interest does not qualify for tax deduction under Sec 80C
as it is not an investment/reinvestment.

Photocopy of receipts / certificates pertaining to current financial year only (Apr ’24 – Mar ’25) Previous year certificates do not qualify. Should be submitted against
National Savings NSC Interest only as per the guidelines
80C Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
Certificate (NSC) NSC Certificate should be in the name of individual (Self only) Certificates in the name of spouse, children and parents are
disallowed
Photocopy of the certificate / bond issued by the scheduled bank should be of the current financial year only (Apr ’24 – Certificates in the name of spouse, children and parents are
Mar ’25) disallowed
Fixed Deposit in Term deposits for a minimum period of 5 years with a scheduled bank are eligible for deduction
80C a Scheduled Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
Bank Policy should specify that benefit eligible u/s 80C. If not specified, letter from the bank specifying the eligibility u/s 80C is Payment Receipts or copy of cheque alone does not constitute as
required proof. Photocopy of certificate / bond is mandatory
Certificate should be in the name of individual (Self only)
 Investment Proof Submission Guidelines for the FY 2024-2025
SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX BENEFIT FOLLOWING WILL BE DISALLOWED
Photocopy of Receipts / Statements pertaining to current financial year only (Apr ’24 – Mar ’25)
Unit Linked Receipt can be in the name of individual, spouse and children Future period benefits will not be provided, if declaration is not
80C Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
Insurance Plan Policy should specify that benefit eligible u/s 80C submitted
Declaration for future months to be submitted
Photocopy of Receipts / Statements pertaining to current financial year only (Apr ’24 – Mar ’25)- Specified funds only.
Certificates in the name of spouse, children and parents are
Mutual Fund / disallowed
80C Receipt should be in the name of individual (Self only) Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
ELSS
Policy should specify that benefit eligible u/s 80C Future period benefits will not be provided, if declaration is not
Declaration for future months to be submitted submitted
Photocopy of Receipts / Bond pertaining to current financial year only (Apr ’24 – Mar ’25) Certificates in the name of spouse, children and parents are
Infrastructure Bond should be in the name of individual (Self only) disallowed
80C Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
Bonds Term should be > = 3 years
Term less than 3 years is not eligible for benefit
Receipt / Bond should specify that benefit eligible u/s 80C
Photocopy of Receipts for tuition fees paid, pertaining to current financial year only (Apr ’24 – Mar ’25) Donations, Capitation fees, development fees and other fees are not
allowed
Children Tuition Photocopy of Receipts for term fees paid, pertaining to current financial year only (Apr ’24 – Mar ’25)
80C Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/-
Fees Only amount mentioned as ‘Tuition Fee’ or 'Term Fees' in the fee receipt will be considered for deduction Future period benefits will not be provided, if declaration is not
Declaration for future months to be submitted submitted
Eligible only if the employee is a Sr. Citizen. Sr.Citizen is >= 60 years, as per Income Tax Act
Deposit under
80C Senior Citizens Certificate should be of the current financial year only (Apr ’24 – Mar ’25) Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/- Certificate in the name of spouse / children disallowed
Saving Scheme Certificate should specify that benefit eligible u/s senior citizen saving scheme
 Investment Proof Submission Guidelines for the FY 2024-2025
SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX BENEFIT FOLLOWING WILL BE DISALLOWED
Copy of the Receipt/certificate issued by the Post office for the financial year only (Apr ’24 – Mar ’25)
Five Yr Time Certificates in the name of spouse, children and parents are
80C Deposit Scheme Certificate should be in the name of individual (Self only) Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/- disallowed. Monthly recurring deposit with Post office is not eligible
in Post Office Time deposit for a period of 5 years with a post office is eligible for deduction. for benefit
Provisional certificate pertaining to current financial year (Apr ’24 – Mar ’25) with breakup of interest and principal from
Housing the Housing Finance Company / Bank.
Principal
80C including In case of Joint loan, declaration specifying the % of benefit claimed by the individual Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.150000/- Bank statement showing only EMI deduction will be disallowed
Registration/ Housing loan principal deduction through payroll will be considered automatically. No proof required
Stamp Duty Photocopy of Sale Deed and Stamp Duty Paid Receipt pertaining to current financial year (Apr ’24 – Mar ’25)
In case of NPS contribution made outside of salary pertaining to the current financial year (Apr ’24 – Mar ’25).
Photocopy of receipt/challan (or NPS transaction statement summary) issued by the Bank or Post office. The challan
copy should have the PRAN details of assessee.

Atal Pension Yojana:

The receipt/challan copy issued by the Bank or Post office or the transaction statement of APY account from the Bank
or Post office pertaining to the current financial year (Apr ’24 – Mar ’25) to be submitted towards APY contribution as a
proof.

Declaration for future months to be submitted to avail the tax benefit for future payments after the IPSF proof
confirmation date.
The Challan copy without PRAN will be disallowed.
NPS ( External The age of the employee should be between 18 and 40 years. An employee who is in age group of 18 years to 39 years Maximum deduction is allowed under this section is within the overall Sec 80CCE limit
80CCD1
Investment) 364 days can join Atal Pension Yojana. of Rs.150000/- APY - Only the contribution will be considered for tax benefit and not
the overdue interest for delayed contribution payment.
Employee should have a savings bank account/ post office savings bank account.

Provided that from 1st October,2022, any citizen who is or has been an Income Tax payer, shall not be eligible to join
Atal Pension Yojana.

The contribution amount shall depend on the age of the employee at the time of opening of APY account, frequency of
contribution and the pension slab chosen. The contributions can be made at monthly / quarterly / half yearly intervals
through auto debit facility from savings bank account/ post office savings bank account of the employee.

The deduction is available if the assessee does not already own any electric vehicle.

The loan must be taken from a financial institution or a non-banking financial company for buying an electric vehicle.

The loan must be sanctioned anytime during the period starting from 1 April 2019 till 31 March 2023.
“Electric vehicle” has been defined to mean a vehicle which is powered exclusively by an electric motor whose traction
energy is supplied exclusively by traction battery installed in the vehicle and has such electric regenerative braking
system, which during braking provides for the conversion of vehicle kinetic energy into electrical energy.
The assessee can only claim the tax benefit towards interest paid on
Loan taken to The deduction u/s 80 EEB is not only permitted for 4 wheeled vehicles but also for 2 wheeled vehicles.
the loan taken for the purchase of the first electric vehicle (as per the
80EEB purchase A deduction for interest payment up to INR 1,50,000/-
Rules, the assessee should not own any other electric vehicle on the
Electric Vehicle Loan should be in employee's name and also vehicle should be registered in employee's name.
date of sanction of loan).
Photocopy of the provisional certificate issued by a financial institution or a non-banking financial company for buying an
electric vehicle where the breakup of principal and interest paid for the year is clearly mentioned.

Lender’s Name, Address, and PAN should be clearly assessable in the provisional certificate.

Self-declaration from the employee/certificate from the Bank/co-operative bank/Post office mentioning the total interest Maximum deduction is allowed under Sec-80TTA is Rs.10,000/-
Interest on earned only from the savings account during the FY Apr ’24 – Mar ’25. Interest from savings account declared will also be accounted as “Other Income”.
80TTA Savings Bank New section 80TTB has been introduced to allow a deduction up to Rs 50,000/- in Interest from non savings account will be disallowed
account respect of interest income from deposits held by senior citizens. However, no
deduction under section 80TTA shall be allowed in these cases.
Self-declaration from the employee/certificate from the Bank/co-operative bank/Post office mentioning the total interest
earned during the FY Apr ’24 – Mar ’25 New section 80TTB has been introduced to allow a deduction up to Rs 50,000/- in
respect of interest income from deposits held by senior citizens. However, no
deduction under section 80TTA shall be allowed in these cases. Interest declared will
also be accounted as “Other Income”. Specified income is any of the following income
Interest on in aggregate:
80TTB
deposits - Interest on bank deposits (savings or fixed);
- Interest on deposits held in co-operative society engaged in the business of banking
including co-operative land mortgage bank or a co-operative land development bank;
or
- Interest on post office deposits

Previous Employment Details

Who is eligible?
Employees who has worked in any other company before joining the current company, within the financial year (Apr ’24 – Mar ’25) and whose Date of Joining is after 1st April 2024.

What is considered Previous Employer Income?

The Income after Sec 10 exemption is considered as Previous Employer Income. This includes all earnings earned till the Date of leaving for the current financial year (From Apr ’24 onwards) including perquisites after deducting section 10 exemptions.
 Investment Proof Submission Guidelines for the FY 2024-2025
SECTIONS COMPONENT PROOF TO BE SUBMITTED TAX BENEFIT FOLLOWING WILL BE DISALLOWED

Proof to be submitted:
1. Photocopy of Final Tax computation sheet, from the previous employer along with a declaration in Form 12B duly signed by the employee.
2. The Income after Sec 10 exemption, Professional Tax / Provident Fund/ VPF and Income tax deducted, will be considered along with the current employment income, to arrive at net tax liability for the year 2024-2025.
3. Where the previous employer has granted deductions for Investments made, including Housing Loan interest deduction / Other Income reported – proofs will have to be re-submitted to the current employer along with the IPSF.
4. The perquisite value derived out of Employer Contribution to Provident Fund, Superannuation Fund, and National Pension Scheme, if any, (where the total contribution for the FY is exceeding 7.5Lakhs ) calculated by the Previous Employer to be updated. In addition, the amount contributed to these
retirement
5. Details schemes/funds also to be
of Payroll Deductions updated external
(excluding separately.
investments) done in Previous organization which are related to Chapter VIA deductions (i.e.,amount deducted in payroll towards LIC, NPS, Medical Insurance, if any) are also to be updated.

Tax Treatment:
Previous employment income, as per supporting, will be accounted for computing the tax liability for the year. While generating the Form16, the previous employment details will be removed. You are expected to consolidate multiple employment details, while filing your individual returns.

Only current employer’s income and tax details will be shown in Form 24. Since Form 24 is an aggregation of Form 16s issued, Form 16 will display only the current employer’s income and tax. However, while computing the tax liability for the full year, the previous employment income and tax will be accounted
for.

Following will be disallowed:

1) Only Form 12B submitted will not be considered 3) Tax computation with projections and balance tax payable will not be considered
5) Previous years Tax computations will not be considered
2) Only pay slips will not be considered 4) Tax computations of the current year only will be considered

80G - Donations benefits has to be claimed by Employee while filing individual returns
CBDT vide its CIRCULAR NO.1/2010 F.No.275/192/2009IT(B)] says while deducting income tax at source from salary, the employer need not to consider donation made by an employee for charitable purposes.

Following is the extract:

G. Section 80G provides for deductions on account of donation made to various funds , charitable organizations etc. Generally no deduction should be allowed by the D.D.O. from the salary income in respect of any donations made for charitable purposes. The tax relief on such donations as admissible under
section 80G of the Act, will have to be claimed by the tax payer in the return of income. However in cases where employees make donations to the Prime Minister’s National Relief Fund, the Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund through their respective employers, it is not
possible for such funds to issue separate certificate to every such employee in respect of donations made to such funds as contributions made to these funds are in the form of a consolidated cheque. An employee who makes donations towards these funds is eligible to claim deduction under section 80G. It is,
hereby, clarified that the claim in respect of such donations as indicated above will be admissible under section 80G on the basis of the certificate issued by the Drawing and Disbursing Officer (DDO)/Employer in this behalf - Circular No. 2/2005, dated 12-1-2005.
Section A Chapter VI A SECTION
1 Medical Insurance 80D
2 Medical Treatment for Handicapped Dependent 80DD
3 Medical Treatment for Specified Disease 80DDB
4 Interest on Education Loan 80E
5 Permanent Physical Disability including Blindness 80U
6 Additional NPS Contribution 80CCD1B
7 Loan taken to purchase Electric Vehicle 80EEB
8 Donation to Political Party 80GGC
Section B Section 80C / 80CCC/ 80CCD1 SECTION
9 Pension Policy - 80CCC 80CCC
10 NPS Contribution 80CCD1
11 Provident Fund - PF 80C
12 Voluntary Provident Fund - VPF 80C
13 Life Insurance - LIC 80C
14 Public Provident Fund - PPF 80C
15 National Savings Certificate - NSC 80C
16 Infrastructure Bonds - IBOND 80C
17 Tuition Fees - TF 80C
18 Mutual Fund - MF 80C
19 Equity Linked Savings Scheme - ELSS 80C
20 Unit Linked Insurance Plan - ULIP 80C
21 Sukanya Samruddhi Scheme 80C
22 5-Yr bank fixed deposits (FDs) 80C
23 Interest on NSC 80C
24 Stamp Duty & Registration Charges 80C
25 Home Loan Principal Repayment 80C
Section C Housing Loan Details SECTION
26 Self Occupied Property 24, 80EE, 80EEA
27 Let Out Property 24
Dependents Eligible for Tax Benefit Regime Applicability
Individual, Spouse, Children & Parents Old Tax Regime
Spouse, Children, Parents, Dependent Brothers & Sisters Old Tax Regime
Individual, Spouse, Children, Parents, Dependent Brothers & Sisters Old Tax Regime
Individual, Spouse & Children Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Dependents Eligible for Tax Benefit
Individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual, Spouse & Children Old Tax Regime
Individual, Spouse & Children Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Up to 2 Children of an individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual, Spouse & Children Old Tax Regime
Daughter Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Individual Old Tax Regime
Dependents Eligible for Tax Benefit
Individual Old Tax Regime
Individual Old Tax Regime
Particulars Case-1
Self & Family (no Parents (no one of
one of them is a them is a senior
senior citizen) citizen)
Medical Insurance, etc.* 25,000 25,000
Medical Expenditure** -- --
Maximum deduction allowable 25,000 25,000
50,000
Aggregate amount of deduction allowable under section 80D

* Includes (i) contribution to the Central Government Health Scheme/notified scheme for self & family; and (ii) amount paid for preventive he
** Allowable only if no amount is paid for medical insurance.
Note : The payment for preventive health check-up can only be made in cash, other payments must be made by non-cash mode.

Note on Service Tax which will be included as part of Medical Insurance

Premium payment:

Section 80D of Income Tax Act entitles specified taxpayers to claim deduction for
the entire amount paid to the insurance company for specified insurance schemes.
GST being an indirect tax is charged/recovered by the supplier of services from
the recipient with actual value of service. Thereby, a collective reading of Income
Tax Act and GST Law would echo that entire amount paid to the insurance
company including applicable GST would be allowed as a deduction.

As per Sec 80D of Income Tax Act, "the whole of the amount paid to effect or
to keep in force an insurance on the health of the assessee or his family ....".
Tax experts interpret this is to mean that the entire premium, inclusive of service
tax and cess, qualify for a tax deduction.

Income Tax Act is widely worded so as to provide a deduction for whole amount
paid to effect or to keep in force an insurance on the health. Accordingly, a
component of GST as an element of the premium is eligible for deduction subject
to an overall cap of the Section. Without the payment of GST, the obligation of the
assessee would not be discharged.
 Case-2 Case-3
Self & Family (no Parents (at least one Self & Family (at Parents (at least
one of them is a of them is a senior least one of them is one of them is a
senior citizen) citizen) a senior citizen) senior citizen)
25,000 50,000 50,000 50,000
-- 50,000 50,000 50,000
25,000 50,000 50,000 50,000
75,000 100,000

mount paid for preventive health check-up up to Rs. 5,000/-.

y non-cash mode.
 Old Tax Regime

Scenario Self Occupied Property (Interest Benefit)

Carry forward of unabsorbed loss from house

property Will get lapsed

Loss from self occupied property can be set-off

against the income from let out property, up to a
max amount of INR 200000/INR 30000, as the
case may be. If there is any remaining balance of
loss, then that loss can be set-off against salary
head of income up to a max amount of INR
Intra-head set-off of loss (between self & let out 200000/INR 30000, as the case may be.
properties, when there is income from let out
property) Please refer remarks for better clarity.

Intra-head set-off of loss (between two or more let out

properties, when there is income from one of the let
out properties)

Sample workings for 'Income from House Property'

Particulars Amount in INR
Property A (Self Occupied)
Annual Value Nil
(-) Interest on housing loan restricted to 200000
Loss from House Property(A) -200000
Property B (Let Out 1)
Net income from House Property after all deductions 60000
(B)
Property C (Let Out 2)
Annual Value 500000
Less : Standard Deduction 150000
Less : Interest on loan 650000
Loss from House Property (C) -300000
Total income from house property (A+B+C)

-440,000
Old Tax Regime New Tax Regime
Self Occupied Property (Interest
Let Out Property (Interest Benefit) Benefit)
The loss will continue to be carried forwarded
up to 8 years form the year of its first
occurrence. This loss is to be set off against
only the income under the head house
property exclusively. Will get lapsed

The loss from self occupied property can

only be set-off against the income from
let out property, up to a max amount of
INR 200000/INR 30000, as the case
may be.

Though there is no restriction on the amount of

home loan interest that can be claimed as a
deduction under Section 24 for a rented house
property (except in case of INR 30000
restriction), the entire loss which could arise on
account of such interest payment can be set -
off against Income from house property, if any.

If there is no income from let out

property/properties to set-off, then the loss can
be set-off against the salary head of income up
to a max amount of INR 200000/INR 30000, as
the case may be.
Restricted to (2,00,000). Balance loss of INR
240000 can be carried forward for the next
8 AY's.
New Tax Regime
Let Out Property (Interest
Benefit) Remarks

Cannot be carried forwarded

Intra head set off of loss - Intra head adjustment will happen first, then
inter head, not the other way around.

So, loss from self occupied house property shall be set off against income
from house property first, then if any loss remains after the set off, it shall
be set off against other heads of income. Lets try to understand this with
an example:

1st case Self Occupied Property having home loan, interest Rs 3,00,000.
- Let Out Property Income after 24(a) Rs 2,10,000. Salary Income Rs
10,00,000
Loss on account of Self Occupied Property allowable Rs 2,00,000. Set
this off with Income of Rs 2,10,000. The net result of this will be Income
from house property Rs 10,000. Which will lead to income addition of Rs
10,000. So the GTI shall be Rs 10,10,000

2nd case Self Occupied Property having home loan, interest Rs 3,00,000.
Let Out Property Income after 24(a) Rs 84,000 Salary Income Rs
10,00,000
Loss on account of Self Occupied Property allowable Rs 2,00,000. Set
this off with Income of Rs 84,000. The net result of this will be loss from
house property Rs 1,16,000. Which will lead to loss adjustment of Rs
1,16,000. So the GTI shall be Rs 8,84,000.

Though there is no restriction on the

amount of home loan interest that
can be claimed as a deduction
under Section 24 for a rented house
property (except in case of INR
30000 restriction), the entire loss
which could arise on account of
such interest payment can be set off
against Income from house
property, if any.

The loss from let out property can

only be set-off against the income
from other let out property.
 OLD REGIME SLAB

Equal to or greater than 60 &

Less than 60 years of age less than 80 years of age
Income Tax Slab (in Income Tax
Lakhs) Tax Rate Slab (in Lakhs) Tax Rate
0 - 2.5 0% 0-3 0%
2.5 - 5 5% 3-5 5%
5 - 10 20% 5 - 10 20%
10 & above 30% 10 & above 30%

Sl. No. Notes

1 Deduction under Section 16(ia) in respect of Standard Deduction of maximum INR 50,000.
2 The taxable income rebate limit under Sec 87A in the Old Tax Regime is INR 5,00,000, meaning that taxpayers in the
3 Section 87A rebate is applicable for only the taxpayer who is resident in India.
4 Section 87A rebate is not applicable for PAN not available cases.
5 Following are the surcharge rates under Old Tax Regime:
Taxable Income Range Surcharge % Marginal Rates
50 Lakhs to 1 Crore 10% 34.32
1 Crore to 2 Crores 15% 35.88
2 Crores to 5 Crores 25% 39
5 Crores and above 37% 42.74
7 Health & Education Cess: 4% of the total of Income Tax and Surcharge.
 Equal to or greater than 80 years
of age
Income Tax Slab (in
Lakhs) Tax Rate
0-5 0%
5 - 10 20%
10 & above 30%

5,00,000, meaning that taxpayers in the Old Tax Regime with income up to INR 5,00,000 will not have to pay any income tax. Hence, taxpayer will get the m
ence, taxpayer will get the maximum rebate amount of INR 12,500 under Old Tax Regime.
 NEW REGIME SLAB
Irrespective of the age
Income Tax Slab (in
Lakhs) Tax Rate
0-3 0%
3-7 5%
7 - 10 10%
10 - 12 15%
12 - 15 20%
15 & above 30%

Sl. No. Notes

1 Deduction under Section 16(ia) in respect of Standard Deduction of maximum INR 75,000.
2 In the New Tax Regime, a taxpayer will have to forgo all the commonly available tax deductions and exemptions such
3 The taxable income rebate limit under Sec 87A in the New Tax Regime is INR 7,00,000, meaning that taxpayers in th
4 Section 87A rebate is applicable for only the taxpayer who is resident in India.
5 Section 87A rebate is not applicable for PAN not available cases.
6 Following are the surcharge rates under New Tax Regime:
Taxable Income Range Surcharge % Marginal Rates
50 Lakhs to 1 Crore 10% 34.32
1 Crore to 2 Crores 15% 35.88
2 Crores and above 25% 39
7 Health & Education Cess: 4% of the total of Income Tax and Surcharge.
le tax deductions and exemptions such as those available under section 80C, 80D, LTA exemption, HRA exemption, Professional Tax, Housing Loan Inter
7,00,000, meaning that taxpayers in the New Tax Regime with income up to INR 7,00,000 will not have to pay any income tax. Hence, taxpayer will get the
onal Tax, Housing Loan Interest etc. except for section 80CCD (2), i.e., Employer's Contribution to NPS.
. Hence, taxpayer will get the maximum rebate amount of INR 20,000 under New Tax Regime.