Tax Deduction and Documentation for Salary – AY 2023-24

Givenbelowarethebriefguidelines/indicativedocumentstobe providedbytheemployeetotheemployerforAY2023-24.

80C Term Deposit/Fixed Deposit with Scheduled Bank for not less than 5 years as per scheme notified by Central Government

80C Housing Loan Repayment (Principal) (Proof is Compulsory)

Rs.1,50,000

Supporting document is compulsory.

Certificate from Financial Institution indicating Principaltoberecoveredfrom April2022toMarch2023.The certificateshouldalsocontain the PAN of the Financial Institution & date of commencementoftheLoan.

80C SukanyaSamriddhi Scheme

80CCD National Pension Scheme (“NPS”) (Tier 1 A/c)

(Contribution to TIER 1 Account is only eligible for exemption).

80D MediclaimPremium

(The insurer should be the employee to avail and if not, he/she should furnish a declarationthatthepremium is paid by him/her from his/herBankAccount.

(Payment of Premium for Preventive Health Check should not be paid by cash andshouldbepaidbycheque/

Rs.1,50,000

Employee 80CCD(1B) - Rs. 50,000

Employee 80CCD (1)Rs.1,50,000

Employer 80CCD(2) – 10%of BasicSalary

Up to Rs. 25,000/- (for Self, Spouse & Dependent Children).

Additional up to Rs. 25,000 fordependentparentsbelow 60years

Additional up to Rs.50,000/(For dependent parents

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

digital transfer from bank account).

above 60 years – Senior Citizen.

Preventive Health Check-up. Introduced in F.Y. 2015-16

Rs.5,000isconsideredforself, Spouse & Children in an overalllimitofRs.25,000.

Rs.5,000 is considered for dependent Parents below 60 Yearswithanoveralllimitof Rs.25,000.

Rs.5,000 is considered for dependent parents above 60 Yearswithanoveralllimitof Rs.50,000.

For Parents above 80 Years, medical expenses up to Rs.50,000 is allowed if no coverageunderMediclaimis made.

80DD Expenses on Handicapped Dependent/Deposit in SpecifiedInstitution

Rs.75,000/Ifthedisabilityisintherange of40%to80%

Rs.1,25,000/Ifdisabilityexceeds80%

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

Supporting document is compulsory.

80DDB Estimated expenses for treatment of Specified Diseases [AIDS, Cancer, Thalassaemia, Hemophilia, Chronic Renal Failure, Chronic Neurological Diseases]

80E Interest on Education Loan availed from Approved Charitable Institutions & Financial Institutions (For Self, Spouse & Children) for

Rs.40,000/UptotheAgeof60Years.

Rs.1,00,000/Ageabove60years.

Supporting document is compulsory.

NoLimitonInterestPaidon thisloan.

Supporting document is compulsory.

Certificate for Admission at EducationInstitute.

Certificate from Approved Charitable / Financial

Affluence Advisory Pvt. Ltd.

Ltd Tax Deduction and Documentation for Salary –

AY 2023-24

Higher Education in India & Abroad.

(Proof is Compulsory)

80EE Deductions on Home Loan

Interest for First-Time Homeowners-

The loan is taken to buy a houseduringFY2016-17.

(Proof is Compulsory)

Towards Interest of Rs. 50,000p.a.+Interest ofRs.2 LacspaidU/s.24.

Property value up to Rs.50 Lacs, Loan was sanctioned below Rs.35 Lacs and no residential property was owned.

Institution specifying Principal&Interestpaidfrom April 2022 to December 2022 and to be paid from January 2023 to March 2023 (FY 202223). The date of Commencement of the Loan and the PAN of the Financial Institutionis MUST

OtherDocuments,ifany. Thedeductionisavailablefor amaximumperiodof8years, (beginning from the year in which the interest starts gettingrepaid)ortilltheentire interestisrepaid,whicheveris earlier.

Supporting document is compulsory.

Document covering approval of Loan during 1st April 2016 to31st March2017

Certificate from Financial Institution specifying Interest to be recovered from April 2022 to March 2023 (FY 202223). PAN of the Financial Institution & date of repayment of interest is MUST ontheCertificate.

Declaration having no other owned house & non-availing of rebate in any other section inrespectofthisinterest.

80U PersonalDisability(Self)

Rs.75,000/If the disability is within the rangeof40%to80%

Rs.1,25,000/If the disability is more than 80%

Supporting document is compulsory.

Affluence Advisory Pvt. Ltd.

Ltd Tax Deduction and Documentation for Salary –AY 2023-24

80TTA Interest received on deposits (not being time deposits) in Savings Accounts of Banks, Co-OperativeBanks,andpost offices.

10(13A) House Rent Allowance (“HRA") Exemption (Proof is Compulsory)

Rs.10,000

Supporting document is compulsory.

-

Metro or Non-Metro is to be specified in the Investment Declaration on basis of the address of the rented property.

Copy of Lease Rent Agreement.

IfLeaseRentAgreementisnot available, then a copy of the declarationbytheLandlordin the appropriate format along with uploading proofs of ownershipoftheLandlordfor rented premises such as PropertyTaxReceiptorLatest Electricity Bill or Share Certificate in case of Cooperative Housing Society with latest maintenance receipt or any other latest payments made to statutory authorities.

Copy of the PAN of the Landlord is compulsory on Lease Agreement OR declaration in appropriate formatiftheLeaseAgreement is not provided/available. A scanned copy of PAN is requiredtoupload.

PAN detailsareamustwhere rent is above Rs.8,333 per month (Rs.1,00,000/- per annum).

Rent receipts are to be maintained and provided in January2023.

24 LossfromHousingProperty -InterestonHousingLoan. (Proof is Compulsory) SELFOCCUPIED - (EITHER FOR ONE HOUSE OR FOR TWO HOUSES, BOTH BEING SELF-OCCUPIED / VACANT)

Rs.2,00,000/- if loan availed onorafter1st April1999

Rs.30,000ifpossessionisnot done within 5 years of the loantaken.(orloantakenfor Repairs/Renewal)

Rs.30,000 p.a. if loans are availedbefore1stApril1999.

Rs.2LacsPerAnnum Rs.2LacsPerAnnum

Certificate from Financial Institution specifying Interest to be recovered during April 2022 to March 2023 for one houseorfortwohouses,both being self-occupied / vacant. PAN of the Financial Institutions & date of commencement of Loans is MUSTontheCertificate.

Possession/Construction completion certificate is a mustforavailingtherelief.

Detailslikethedateoftheloan taken and the Date of Possession in the appropriate formatshallbesubmitted

IftheHouseforwhichtheloan has been availed is let out, thentheComputationofLoss (if any) from the House Property is to be updated on InvestmentDeclaration. Certificate from Financial Institution specifying Interest to be recovered from April 2022 to March 2023. PAN of the Financial Institution & date of commencement of Loan is MUST on the Certificate

Details like the date of loan taken,DateofPossessionwith acertificateofPossession,and other details shall be submitted in the appropriate format

IftheHouseforwhichtheloan hasbeenavailedisletoutthen the Computation of Gain/Profit (if any) from House Property is to be

LOSS ON LET OUT (GIVEN ON RENT) HOUSE

GAIN ON LET OUT (GIVEN ON RENT) HOUSE

Affluence Advisory Pvt. Ltd.

Ltd Tax Deduction and Documentation for Salary –

AY 2023-24

updated in Investment Declaration.

Certificate from Financial Institution specifying Interest paid from April 2022 to December2022andtobepaid from January 2023 to March 2023(FY2022-23). PANofthe FinancialInstitution&dateof commencementoftheLoanis MUSTontheCertificate.

Details like the date of loan taken,DateofPossessionwith acertificateofPossession,and other details shall be submitted in the appropriate format

Details of additional income from the housing shall be submitted in the appropriate format

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