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Tds on salary

swetha (Finance Manager) (140 Points)

03 January 2012

A person is working in a software company. His annual income is Rs. 7.5 Lakhs. He is paying LIC of Rs. 1 lakh to get deduction u/s. 80C.

I want to know it is enough if he submit the LIC receipt to the employer to consider that LIC of Rs. 1 lakhs while deducting the TDS or is there any declaration form.

If so please mention the Declaration Form No.

Thanks

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10 Replies

Yogesh Bhandari (CA FINAL Student) (429 Points)
Replied 03 January 2012

Declaration required if you are unable to produce LIC receipts to the employer..

B Ravi Kumar ACMA, MBA, M Com (Chief Accounts Officer) (830 Points)
Replied 03 January 2012

Copy of LIC paid receipts are sufficient...... No need of declaration.

1 Like

valji (Accounts manager-MBA) (2150 Points)
Replied 03 January 2012

agreee with MR ravi

CA Neil Ganatra (Partner - Gautam Joshi & Co.) (871 Points)
Replied 03 January 2012

There is no need of any kind of form..receipts are sufficient

CA Neil Ganatra (Partner - Gautam Joshi & Co.) (871 Points)
Replied 03 January 2012

There is no need of any kind of form..receipts are sufficient

manish sharma (ca final) (110 Points)
Replied 03 January 2012

Dear Shwetha

Declaration form download from income tax website.

Declaration form is mandatory & supproting papers is also mandatory like copy of Rent Receipts,Lic payments slip,School Fee etc.

LALIT KUMAR GANERIWAL (accountant) (241 Points)
Replied 03 January 2012

yes i agree with Mr. Ravi

CA Kiran Sutrave (CA) (428 Points)
Replied 03 January 2012

Declaration is required to be submitted by employees at the beginning of Financial Year which will enable the Company to calculate TDS from April itself.

By February or March, employee is required to submit a copy of LIC receipt which will act as a supporting to the declaration submitted by the employee at the beginning of the year.

If employee that not mentioned an investment in his declaration but has submitted a receipt after payment, then such payment can be considered for the purpose of Section 80C. Deduction under section 80C is on payment basis.

AshoklLal (Accounts Manager) (33 Points)
Replied 04 January 2012

There is no declaration form for LIC . if the Person Does not have any LIC Receipt who can submit the Consolidated Paid Statement which is issue by LIC or get it from there LIC Log in it self