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Tax planning in India has become accessible and easier to adopt due to the rising digitisation and access to various sources and references. However, many individuals (especially newly joined salaried employees/professionals) have confusions regarding taxes, tax-saving investments and ways to claim the tax benefit. One such area of confusion is the TDS and the various investment proofs that one would need to lower the TDS cut.
Employers in India are bound to cut TDS every year, and the failure to submit the right documents might cause you to pay more or less than the required amount.
What is Tax Deducted at Source (TDS)?
Tax Deducted at Source (TDS) is a type of income tax deducted from the amount of money paid during specified payments such as salaries, rents, professional fees, commission, interest, etc. by the person making the payment.
Normally, the individual receiving income is liable to pay an income tax. But the government with the help of TDS ensures that the income tax is deducted in advance from the payments. The receiver of income gets the net amount (after reducing TDS).
Investment Proofs You Need Submit to Lower TDS Cut from Your Salary
The kind of investment proof for TDS cut you need to submit will depend on the type of investment you make. Mentioned below is a list of investment types:
Tuition Fees:
In case of tuition fees, you can submit the school fee receipt with the school seal and a signature of the receiver. House Rent Allowance (HRA): If you seek tax benefits on HRA, then the PAN number of your landlord is mandatory. The conditions are not applicable for individuals paying an HRA of ₹1 lakh or less in a year, i.e., ₹8333 per month.
Conclusion
Some employers would not demand every document and investment proofs mentioned above, while some may need their own set of documents. Hence, to get the right TDS salary, it would be best to get a confirmation from your accounts department before making any submission.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
