Refer to the Tax Benefits page for the information on the required documents to be submitted as proof of your investments.
Can I claim HRA without a rent receipt?
Yes, if your HRA is up to INR 3,000/- per month, you can claim HRA without rent receipts. But, you can not claim HRA without rent receipts when your HRA exceeds INR 3,000/-.
When is the landlord’s PAN mandatory for HRA exemption?
In case of rent payment per annum is more than Rs 1,00,000 i.e. more than Rs. 8333 per month, the team member must provide the PAN number of their landlord to the employer mandatorily.
Can I claim HRA and a home loan?
Yes, you can claim HRA tax exemption and home loan tax deduction if you meet certain conditions.
1. You have availed a house on loan and you reside at a rented accommodation in another city.
2. You have availed a house on loan and you reside in the same city in a rented accommodation due to work or children’s schooling.
3. You have availed a home loan to buy an under-construction apartment/house and you live on rent elsewhere.
How do I generate rental receipts?
One you can buy a receipt book from a stationery or use the link to generate one https://tax2win.in/tax-tools/rent-receipt
Maximum deduction allowed under section 80C?
Rs 1.5 lakh every year from the taxpayer's total income.
Note: The maximum deduction under Section 80C, 80CCC and 80CCD (1) put together is Rs 1.5 lakhs. However, you may claim an additional deduction of Rs 50,000 allowed u/s 80CCD(1B)
Is term insurance exempted under section 80C or section 80D?
The term Life insurance is covered in section 80C, and the term medical insurance is covered under section 80D.
Who is covered under this section?
Health insurance plans are taken for your benefit or your spouse, dependent children, or parents. It is important to mention that this deduction is over and above the claim availed under Section 80C.
What is considered under 80D?
Medical insurance premium • Expenses made on preventive health check-ups • A contribution made towards the Central government health scheme
Schemes | ||||
|---|---|---|---|---|
Policy for? | Deduction for | Deduction for parents | Preventive Health check-up | Maximum Deduction |
Self & Family | 25,000 | - | 5,000 | 25,000 |
Self & Family + Parents | 25,000 | 25,000 | 5,000 | 50,000 |
Self & Family (below 60 years) | 25,000 | 50,000 | 5,000 | 75,000 |
Self & Family + Parents | 50,000 | 50,000 | 5,000 | 1,00,000 |
What qualifies under Preventive health checkup?
Section 80D includes a deduction of Rs 5,000 for any payments made towards preventive health check-ups. This deduction will be within the overall limit of Rs 25,000/Rs 50,000, as the case may be.
Medical Expenses for senior citizens
For the welfare of senior citizens (Resident + aged 60 or above) who don't have health insurance, a deduction of up to Rs. 50,000 can be claimed on the medical expenses incurred for them. However, if they already have health insurance and have made payments to keep it active, they won't be eligible for this deduction.
What is not covered?
1. Health insurance premiums paid in cash are not eligible for tax deductions.
2. Premiums paid for siblings, grandparents, uncles and aunts are not qualified for tax deductions.
3. Premiums paid on behalf of working children are not eligible for Sec 80D deductions.
4. Group health insurance premiums paid by the employer are not eligible for deductions.
Can I submit the bills for 2 different numbers that I use?
Only a Unique number or unique WiFi connection bills can be considered.
The connections are in the name of my father/Wife but I pay the bills, can I claim the tax?
No, the connects are to be registered in your name only as per the Axelerant records
What is the maximum allowable amount in this section?
At Axelerant the max allowable amount is INR 30,000/-
Can I submit prepaid telephone & internet bills?
Only postpaid bills in team members’ names will be considered proof of investments at the end of the financial year. Tax exemption can be granted only on Itemized bills. Since prepaid connections do not have monthly bills, you will not be able to claim them.
What documents are required as proof for 80G?
Stamped Receipt: The donation needs to be authenticated with a stamped receipt from the benefactor organisation along with proof of payment (Online, Cheque/Demand Draft).
Details required on the receipt:
1. Name of the Donee
2. PAN of the Donee
3. Name of the charitable organisation
3. Address of the Donee
4. Deducted & Contributed Amount
5. Name of the donor, amount donated, address, PAN of the benefactor of the donation, and registration number of the charitable organisation.
If you cannot submit partial Proof of Investments (POI) due to reasons like insurance premiums or rental receipts due in Jan-Mar, use the declaration template and email it to people@axelerant.com latest by December 25th of each year.
Delayed submissions should be submitted via the PD ticket created upon sending the below declaration, by latest by the first week of February annually.
Hello People Ops Team,
I will be making the following investments and will submit related POI before February 7, 2025:
Details of investment 1
Details of investment 2
I acknowledge that failure to submit these documents by the specified date will result in inadequate evidence for tax calculations in the last quarter of the fiscal year.
Please attach clear and better-quality documents, ensuring there are no shadows or distortions to prevent the back-and-forth questions from the Admin team.
When submitting lengthy documents, please highlight the pages containing the crucial numbers. This small step can significantly help the Admin team.
If you have multiple documents for one section, it would be helpful to combine them into a single PDF file to simplify the process. While not compulsory, this step can enhance efficiency.
We highly value organized document submissions. This not only simplifies the Admin's workload but also ensures efficient handling of your requests.
Click on the submit proofs button in the Proof of Investment section on the ZOHO payroll.
Make sure no amount is reflected under any of the mentioned sections. Ideally, everything should be zero
Save the page
Once this is done, the new tax regime will be reflected under the POI section in the ZOHO payroll.
Submit the draft POI for approval.
The submission window for tax exemption proof of investments is typically open in December. We process these submissions in January.
Look out for specific dates and requirements from the People Ops team in the #loc-India Slack channel by early December for the fiscal year.
If you miss the deadline, you will need to claim tax exemptions during your annual tax return filing. Also, without documents supporting your declared exceptions at the start of the fiscal year, there may be extra tax deductions from your salary for the last quarter (Jan-Mar).
It's crucial to follow the deadlines communicated by the People Ops team to avoid these consequences and ensure compliance.