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Friday, September 21, 2018

5 Things to Note Before Submitting your FY19 Investment Declaration

by Editor (editor), , May 24, 2018

Here are five things that you need to note before you submit your investment declaration for FY19.

If you work with in the corporate sector, you know that this is the time of the year when you would be submitting your investment declarations for the upcoming financial year. Most of the times you would depend on colleagues in the HR department to sort it out for you. With a little bit of tax planning, you would be able to do a much better job. Here are five things that you need to note before you submit your investment declaration for FY19.

1. Know your Investments

This is the starting point to your declaration process. Most of the times, people decide on their tax investments in March, which makes it easy to remember. You can write down everything that you had invested in -- such as life insurance, national pension scheme, public provident fund, tax saving fixed deposits, equity-linked saving savings, ULIPs or any other tax saving instruments.

Most of the times, the premium for life insurance policies stays the same, while other investments may change according to your financial goals.

2. Know what you Need

You need to check how much your gross annual income is and how many commitments you already have. You then need to account for your EPF deduct which is also eligible for deduction along with the other investments you have made. Once you have considered all of these, it is time to look into how much your actual need is and then choose investment options that fit into your financial goals.

3. Non-Investment Deductibles

Along with investments you can also claim deductions for repayments of home loans along with other expenses that you may have incurred. These payments can include

  • House rent
  • Tuition fees that you pay for your children
  • Any donations that you have made to notified charities
  • One point that you need to take into consideration is that only the tuition fees can be deducted, other expenses such as developmental charges or refundable deposits are not tax deductible.

    If you want to evaluate options for faster access to money, you should check out the best plans for investment that provide you assured returns like FD. It is ideal investment instrument for safe and secure investment.

    4. Getting the Requirements

    This is probably the trickiest area. Most employers would need you to upload all of the supporting documents and details that support your tax deduction claims. For example, if you are claiming house rent deductions, you would have to upload a scanned copy of your rental agreement, for a home loan deduction you would need to ask for a provisional certificate from the lender. This certificate is also available online on the lenders' website. This can provide you details about your principal along with the interest that is payable in FY19.

    5. Know the Sections

    Before filing your claims, you need to know which section you would have to file the claim. For a health insurance premium payment, you would have to mention that under section 80D. The interest that you pay on a home loan has to be filed under section 80CCD (1B).

    Once you have checked all of these points thoroughly, you are good to go, and you need to click on the submit button, and the declaration is made.



    About the Writer

    Editor is an editor for BrooWaha. For more information, visit the writer's website.
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