November Checklist: Get Your Investment Proofs Ready Before HR Deadlines

Every year, many salaried employees end up rushing to meet HR deadlines for submitting tax-saving investment proofs, often missing key documents in the process. Since most companies start collecting the tax-saving investment proofs by late December or early January, November could be the most suitable time to keep your documents ready.

Preparing your tax-saving documents organised in advance to claim deductions under various sections of the Income Tax Act, 1961, including Section 80C and 80D, helps you avoid last-minute chaos. It also helps in a smooth HR submission, ensuring relevant tax deductions.

So, how can you stay ahead of the deadline this time? Let’s find out.

You can claim a deduction of up to Rs 1.5 lakh in a financial year under Section 80C of the Income Tax Act, 1961.

Under Section 80C, tax benefits can be claimed for various investments like life insurance premiums, Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS) and National Savings Certificates (NSC). Keep receipts, passbook entries and investment certificates ready to support your claims.

However, it’s important to know that these deductions can only be claimed under the old tax regime. Taxpayers opting for the new tax regime to file their Income Tax Returns (ITRs) can’t claim these benefits.

Section 80D offers tax deductions on health insurance premiums and certain medical expenses. The deduction limit varies depending on the taxpayer’s age and the type of cover. Here are the maximum deductions you can claim: up to Rs 25,000 a year for policies covering yourself, your spouse and dependent children, and up to Rs 50,000 if any insured member is a senior citizen. Keep premium payment receipts and preventive health check-up bills ready as proof to support your claim.

Salaried employees opting for the old tax regime are required to furnish investment proofs to their employers to ensure accurate tax deduction at source (TDS). Ask your HR or finance department for the last date of submission, format and whether the same can be sent by email in scanned format. Try to keep all your proofs ready by the end of November so that you can submit them well before the deadline set by your organisation.

Create a folder labelled “Investment Proofs” to keep everything organised. Under Section 80C, add life insurance receipts, PPF or NSC certificates, tuition fee receipts, and ELSS statements. For Section 80D, keep health insurance premium receipts, preventive health check-up bills, and parent-cover documents if any. Make sure each proof shows your name, the financial year, and the amount. Keep scanned copies as a backup and store the originals safely.

Once your documents are in place, check your total investments under Sections 80C and 80D. See if you have reached the limit for deductions or if there is still scope to invest more. Most employees fail to save on taxes because they wait until the last minute to check their portfolios. Submitting your proofs well in advance also gives HR sufficient time to verify the details and calculate the correct deductions. Keep a copy of every document you submit.

Setting aside some time in November to organise and submit your 80C and 80D proofs can save you stress later. Early preparation ensures accurate TDS calculation, prevents loss of deduction benefits and keeps your tax savings intact.