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Declaration of savings

30 May 2017

Hi,
I just want to know if investments are necessary to be done for tax saving or just declaration form needs to be filled in fy start to save tax an then invest in same fy later on... if i m right, from where i can get proof of this since my employer demands investment proofs in start of fy not declaration.

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4 Replies

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 30 May 2017

Dear sir, it depends on employer to employer basis.Generally declaration is sufficient in the starting of the year because investments are made during the year.

Swarndeep Singh (3 Points)
Replied 30 May 2017

is there any book or rule of income tax deptt where this thing is clearing written.?

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 30 May 2017

Hi Mr. Swarndeep,

Please tell me one thing how your employer believe you that you really invested or not during the year.

In the begining of year declaration is enough.

In the during of year you have to handover the proof of investment.

you may give to your employer any premium calender or any payment proof like bank statement, receipts etc whatever.

J S BHAVSAR (CONSULTING) (1288 Points)
Replied 30 May 2017

It is hardly any employer will want of any investment proofs in April-May of the financial year. Most large size giant employers want the proofs by 31 December or max upto 31 Jan. Some small employers even adjust investment proofs upto 15 March.