Investment Proof Submission Guidelines – FY 2023-24

(Private and confidential)

Provisions under the Act and proofs to be submitted

Notes:
1- There are two tax regime (Old & New) for FY 2023-24. Employee has to choose one from
these two option as per his / her investment plan and if employee fails to choose tax regime
then New Tax regime will be considered as default and tax will get calculated FY 2023-24,
this is as per new guidelines issued by Income tax department.
2- Once employee opted for Regime them it will not be change during the year and tax will get
calculated till March 2024.
3- Please find below updated Income Tax Slabs FY 2023-24

Old Tax Regime New Tax Regime

Income Slab
(From 1st April 2023) (From 1st April 2023)
₹0 - ₹2,50,000 - Nil
₹2,50,000 - ₹3,00,000 5% -
₹3,00,000 - ₹5,00,000 5% 5%
₹5,00,000 - ₹6,00,000 20% 5%
₹6,00,000 - ₹7,50,000 20% 10%
₹7,50,000 - ₹9,00,000 20% 10%
₹9,00,000 - ₹10,00,000 20% 15%
₹10,00,000 - ₹12,00,000 30% 15%
₹12,00,000 - ₹12,50,000 30% 20%
₹12,50,000 - ₹15,00,000 30% 20%
>₹15,00,000 30% 30%

Surcharge rates under Old And New tax regime FY 2023-24

Old Tax Regime New Tax Regime

Income Slab Range (From 1st April
(From 1st April 2023)
2023)
Up to Rs 50 lakh Nil Nil
More than Rs 50 lakh but up to Rs 1
10% 10%
crore
More than Rs 1 crore but up to Rs 2 crore 15% 15%
More than Rs 2 crore but up to Rs 5 crore 25% 25%
More than Rs 5 crore 37% 25%

Page 1 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

1. Leave Travel Concession (LTA) – The employee should submit documents

LTA is a concession granted to the employees mentioned in 1 and 2 below:
and their families for travelling to any place in 1. Declaration - In the declaration, employee
India. should mention:
a. period during which he was on leave
You can claim LTA exemption if you fulfil b. number of persons travelled with him, their
following criteria:- names;
c. relationship with them and
a. You should actually travel to any place in d. the person travelling (other than spouse and
India. International travel is not valid. children) are dependant on him
Travel fare till the destination and back to e. Whether LTA claimed in previous year(s).
origin is only allowed for exemption. Any 2. Proof for travel expenses - If journey is
inter-city travelling expenses, hotel, performed by;
lodging and boarding expenses do not a. Air: Original air ticket & boarding pass, etc.
qualify for exemption. Exemption: The maximum exemption shall be an
amount not exceeding the economy fare of the
b. You can either travel alone or with your national carrier by shortest route to the place of
family. If your family travels without you, destination.
no LTA can be claimed. You have to make b. Train : Original train ticket
the trip, either by yourself or, if claiming Exemption: Air conditioned 1st class rail fair by
for your family, you should travel with shortest route to the place of destination. The air
them. conditioned 1st class rail fare should be provided by
* Family for this provision means: employee if not travelled by AC 1st Class.
- spouse & children c. Other mode: Original ticket, actual cost,
- Parents, brothers & sisters of the distance travelled, quote / fare of train ticket.
employee wholly and mainly Exemption:
dependent on him. i. If recognised public transport system (RPTS)
- Family doesn’t include more than 2 exists, first class or deluxe class fair by the
children of an individual born on or shortest route to the place of destination.
st
after 1 Oct 1998 ii. If RPTS does not exist, an amount equivalent to
AC First Class rail fair for the distance of the
c. LTA is exempt twice in a block of four journey by the shortest route. The air
calendar years. Presently the block conditioned 1st class rail fare should be
applicable is from January 2022- provided by employee if not travelled by AC 1 st
December 2025 Class

d. If you produce proof of travel, it will not

be taxable to the extent your proof of
travel covers. If you do not submit any of
the proofs mentioned in next column,
you will get your LTA but will have to pay
tax on it.

Page 2 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

2. House Rent Allowance (HRA) –
a. Employee can claim HRA exemption to
the extent provided in Sec 10(13A) read
with Rule 2A. To claim HRA exemption,
the rent should have been actually paid
by the employee for the period for which
he occupied such house.
b. Note that the HRA exemption will be
granted only for such relevant period for
which HRA is received.
c. If annual rent paid by the employee
exceeds INR 1,00,000 per annum, it is
mandatory for the employee to report
PAN of the landlord.
a. Receipts of rent paid for all the months for
which employee is claiming exemption.
b. Leave and License Agreement
c. Landlord PAN details: if annual rent paid by the
employee exceeds INR 1,00,000 per annum
d. Only rent towards accommodation can be
considered for benefit. Rent towards furniture
& other services are not entitled for HRA
benefit.
e. Rent receipt should contain following
- Rent paid to the landlord
- Name of the landlord
- Address of the landlord
- PAN of the landlord -Where the aggregate
rent paid during the financial year exceeds
INR 1,00,000
f. Employee should be in India and should have
occupied that property.
g. Check if rent agreement is submitted by
employee if it is compulsory as per client’s
policy

Page 3 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

3. Loss From House Property - Self Occupied 1. Provisional Certificate from the lender for
a. Deduction related to interest payable on Current Financial Year.
loan for the purpose of 2. Possession Letter / Completion certificate
- Acquisition or construction or from Builder / Sale deed or any ownership
- Renovation, repairing or document (light bill, municipal bill - house tax
reconstruction can be claimed as bill, land line telephone bill)
deduction. 3. Interest certificate from lender and
4. Copy of the registered -purchase deed /
b. If loan is taken on or after 1 st April 1999, possession receipt / any other ownership
maximum deduction on account of document.
interest that can be claimed for self 5. Employee should also provide following details:
occupied property is INR 2,00,000 if  Date of loan taken
property is complete (for construction)  Date of acquisition or completion with a
within 5 years. If the construction is not certificate to that effect
completed within 5 years, then maximum  PAN of lender
deduction is INR 30,000.  Address of lender

c. If you are co-borrower and also co-owner 6. If house property and the loan has been taken
of the house, you can each claim up to jointly by the employee with any of his family
maximum deductible amount member/s, then the co-owner’s declaration is
required to be submitted by the employee if
d. If 2 properties are used as self-occupied the registered - purchase deed / possession
property – Both the properties are receipt / any other ownership document does
treated as self-occupied properties not specify the share of each co-owner.

e. If more than 2 properties are used as self Please Note :

occupied properties - Only 2 properties  The employer shall grant the deduction in
(according to the choice of the taxpayer) respect of the interest on housing loan only to
are treated as self-occupied properties the extent of the share of the employee in the
and other properties are treated as co-ownership / joint property.
“deemed to be let out”

f. However, the overall loss from house

property (self-occupied or let out or
both) that can be claimed is restricted to
INR 2,00,000

Page 4 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

4. Loss / Income from House property – Let The employee needs to furnish the following
Out information:

a. In case of let out house property, if the  Gross Annual Value

net result of computation of income
under the head ‘house property’ is a loss,
the same can be claimed as a deduction
against salaries.
b. Entire amount of interest paid or payable
on loan can be claimed as deduction.
 Municipal Taxes paid
 Deduction to be claimed for interest
 Address of the property
 Amount of loan taken
 Name and address of the lender

c. Any unabsorbed loss from house

property can be carried forward to set off
against income from house property up
to eight years.

Page 5 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

5. Deductions under Chapter VIA –
Deduction u/s 80C, 80CCC and 80CCD(1) -
Maximum limit of INR 150,000
Eligible contribution/subscription u/s 80CCC
and 80C:
i. Contribution to pension plan policy
ii. Life insurance premium paid for self, 1. For insurance policies issued before 1st April
spouse or children
iii. Contribution to Public Provident Fund
(PPF) for self, spouse or children. Max
limit INR 150,000/-
iv. National Saving Certificate (NSC)
v. Fixed deposit for a term of 5 or more
years with a scheduled bank
vi. Contribution to Sukanya Samriddhi
Account
a. For item i to vi, photo copy of premium paid or
investment/contribution made, and the
amount of actual insurance cover in case of a
life policy.
b. For item ii,
2012, if the amount of premium paid in a
financial year for a policy is in excess of 20% of
the actual capital sum assured, then deduction
will be allowed only for premiums up to 20% of
the sum assured.
2. For insurance policies issued on or after 1 st April
2012, deduction is allowed for only so much of
the premium payable as does not exceed 10%
of the actual capital sum assured.
3. Proposal Deposit not allowed.
4. Further, for insurance policies issued on or after
1st April 2013, in case insurance is on life of any
person who is –
a) a person with disability or severe disability as
referred in section 80U
b) Suffering from disease or ailment as specified in
the rules under section 80DDB
c) Deduction is allowed for only the premium
payable as does not exceed 15% of the actual
capital sum assured.
Please provide copy of insurance policy detailing
the amount of actual capital sum assured. In case
of claim under point 4 please provide certificate
from appropriate medical authority for the person
covered under the policy.

Page 6 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

vii. Payment of tuition fees up to two c. For item vii, photo copy of tuition fees paid.
children Tuition fees, Term fees, Examination fees,
Computer fees allowed. The deduction is NOT
available for any donation or development fees
paid.
(University, College, School or other educational
institution situated within India for full-time
education)

d. For item viii, photo copy of certificate from

viii. Repayment of housing loan principal
borrowed from Central Govt, any State
Govt.,any bank, LIC, National Housing
Bank, any company providing long term
finance for construction or purchase of
house in India
bank or financial institution.
If there is co-owner, employee’s share should
be considered.
Certificate should be dated for Current Financial
Year.

ix. Stamp duty, registration fee and other

expenses for the purpose of transfer of
house property

x. Contribution in unit-linked insurance

plan (ULIP) of Unit Trust of India, LIC e. For item x to xiii photo copy of certificate of
mutual Fund allotment, acknowledgements slip, receipt for
contribution, etc.
xi. Subscription to specified mutual fund
scheme or to any approved equity f. In case of deposit with bank, bank should
shares or debentures. specify on the deposit receipt that the same is
eligible for 80C benefit.
xii. Contribution to senior citizen scheme
rules, 2004 Note: Benefit is available to the person who
makes the payment.
xiii. 5 year time deposit in an a/c under post
office time deposit rules,1981 a. The deposit should be Time Deposit taken in
FY FY 2023-24
a. RD is not allowed

6. 80CCD(1B)

a. Additional deduction in respect of any Appropriate certificate / proof of payment

amount paid in National Pension Tier -1 Payment receipt
Scheme (NPS) up to INR 50,000.

b. NPS c

c. The deduction is available for the

amount paid in NPS Tier-I account only

Page 7 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

7. Mediclaim premium paid (Sec 80D) Invoice of fees paid for preventive health check up,
Medical insurance premium paid or Declaration of dependency if expenses incurred for
payment for preventive health check up in relatives, mediclaim policy
case of
- self, spouse and dependant children Note: Senior Citizen means above 60 yrs.
- parent/parents
Mode of Payment:
a. For self, spouse and dependant children (i) Cheque or in a mode other than cash – for
- Deduction of INR 25,000 (INR 50,000 if Mediclaim insurance
person insured is a senior citizen)
b. For parents - additional INR 25,000 (INR (ii) Cash or cheque – for Preventive health check
50,000 if person insured is a senior up
citizen)
c. If any 1 parent is / both parents are In case of single premium health insurance policy
senior citizens i.e., age is more than 60 having cover of more than one year, the deduction
years (Total INR 75,000) shall be allowed on proportionate basis for the
d. Medical expenditure if mediclaim number of years for which health insurance cover is
insurance is not paid – INR 50,000 (only provided, subject to the monetary limits specified
in case of senior citizen) above.
e. For payment of preventive health check
up maximum deduction of INR 5,000 is
available.
f. Aggregate amount of deduction cannot
exceed INR 1,00,000 in any case

8. Medical Expenses on handicapped Certificate from medical authority in

dependent (Sec 80DD) Form 10IA along with proof of expenses,
declaration in writing certifying the actual amount
a. Dependant includes spouse, children, of expenditure incurred.
parents, brother or sister.
b. Deduction allowed of INR 75,000/- for a
dependant with disability of 40% to 79%
and of INR 1,25,000/- for a person with
severe disability (80% or more)

9. Medical Expenses on Specified Disease (Sec a. Prescription from an oncologist, a urologist,

80DDB). nephrologist, a haematologist, an immunologist
a. Dependant includes spouse, children, or such other specialist.
parents, brother or sister. b. Proof of expenses incurred. (Bills / invoices etc.)
b. Deduction towards medical treatment
for- Note: The deduction under this section shall be
- Individual (up to 59 years): INR 40,000 reduced by the amount received, if any, under an
or actual expenses whichever is less insurance from an insurer or reimbursed by
- Senior Citizen (above 60 years): INR employer.
1,00,000 or actual expenses
whichever is less

Page 8 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act Proofs to be submitted as per Income Tax Act

10. Deduction in case of person with disability Certificate from medical authority in Form 10IA
(Sec 80U)

Deduction allowed of INR 75,000/- for a

person with disability and of INR 1,25,000/-
for a person with severe disability of 80% or
more

11. Deduction of interest on loan taken for Appropriate certificate, proofs of payment of
higher studies (80E) interest / interest certificate from financial
institution etc.
a. Deduction allowed to the extent of
interest paid on loan taken from any
bank, financial institution or approved
charitable institution for the purpose of
higher education of self or relative.
b. Relative means the spouse and children
of the individual or the student for whom
the individual is the legal guardian

12. Deduction of interest paid on home loan
(80EE)
a. Maximum deduction: INR 50,000
b. The loan should be sanctioned between 1
April 2016 to 31 March 2017
c. The deduction over and above the
deduction of INR 2,00,000 for interest
payments available under Section 24
d. Employee should not own any other
house on the date of sanction of loan
e. Housing loan must be taken from a
financial institution or a housing finance
company for buying a residential house
property.
f. Value of the house should be INR 50
lakhs or less
g. Loan taken for the house must be INR 35
lakhs or less
1. Interest certificate from bank or financial
institution
2. A copy of the registered-purchase deed /
possession receipt / any other ownership
document.
h. Copy of loan sanction letter to check if loan is
sanctioned between 1 April 2016 to 31 March
2017
3. Self declaration to claim deduction
4. If house property and the loan has been taken
jointly by the employee with any of his family
member/s, then the co-owner’s declaration is
required to be submitted by the employee if
the registered - purchase deed / possession
receipt / any other ownership document does
not specify the share of each co-owner.
Please Note :
 The employer shall grant the deduction in
respect of the interest on housing loan only to
the extent of the share of the employee in the
co-ownership / joint property.

Page 9 of 11
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)
Sr.No Provision as per Income Tax Act
13. Deduction of interest paid on home loan for
affordable housing (80EEA)
a. Maximum deduction: INR 1,50,000
b. The loan should be sanctioned between 1
April 2019 to 31 March 2020
c. The deduction over and above the
deduction of INR 2,00,000 for interest
payments available under Section 24
d. Employee should not own any other
house on the date of sanction of loan
e. Housing loan must be taken from a bank
or a financial institution or a housing
finance company for buying a residential
house property.
f. The stamp duty value of the house
property should be INR 45 lakhs or less.
g. The individual taxpayer should not be
eligible to claim deduction under the
existing Section 80EE
14. Interest paid on loan taken for the purchase
of electric vehicle (Section 80EEB)
a. Maximum deduction: INR 1,50,000
b. The loan must be sanctioned anytime
during the period starting from 1 April
2019 till 31 March 2023
c. The loan should be sanctioned by
financial Institution or a non-banking
financial company
d. Employee must not own any other
electric vehicle on the date of sanctioning
of loan
e. “Electric vehicle” has been defined to
mean a vehicle which is powered
exclusively by an electric motor whose
traction energy is supplied exclusively by
traction battery installed in the vehicle
and has such electric regenerative
braking system, which during braking
provides for the conversion of vehicle
kinetic energy into electrical energy.
Page 10 of 11
Proofs to be submitted as per Income Tax Act
1. Interest certificate from bank or financial
institution
2. A copy of the registered-purchase deed /
possession receipt / any other ownership
document.
3. Copy of loan sanction letter to check if loan is
sanctioned between 1 April 2019 to 31 March
2020
4. Self declaration to claim deduction
5. If house property and the loan has been taken
jointly by the employee with any of his family
member/s, then the co-owner’s declaration is
required to be submitted by the employee if
the registered - purchase deed / possession
receipt / any other ownership document does
not specify the share of each co-owner.
Please Note :
The employer shall grant the deduction in respect
of the interest on housing loan only to the extent of
the share of the employee in the co-ownership/
joint property.
1. Interest certificate from bank or financial
institution
2. A copy of purchase invoice / any other
ownership document.
3. Copy of loan sanction letter to check if loan is
sanctioned between 1 April 2019 till to 31
March 2023
4. Self declaration to claim deduction
 Investment Proof Submission Guidelines – FY 2023-24
(Private and confidential)

Disclaimer: If you have any queries please raise a ticket on ESS portal.

INCOME SLAB AND TAX RATES FOR FY 2023-24/AY 2023-24

INCOME SLAB TAX RATES TAX RATES

(EXISTING SCHEME) (NEW SCHEME)
UP TO RS.2,50,000 NIL NIL

RS.2,50,001 TO RS.5,00,000 5% 5%

RS.5,00,001 TO RS.7,50,000 20% 10%

RS.7,50,001 TO RS.10,00,000 20% 15%

RS.10,00,001 TO RS.12,50,000 30% 20%

RS.12,50,001 TO RS.15,00,000 30% 25%

ABOVE RS.15,00,000 30% 30%

a) In the case of a resident individual of the age of sixty years to eighty years, the basic
exemption limit is INR 3,00,000.
b) In the case of a resident individual of the age of eighty years or above, the basic
exemption limit is INR 5,00,000.
c) Surcharge @10% on tax payable in case of a person having total taxable income
between INR 50 lakhs to INR 1 crore.
d) Surcharge @15% on tax in case of a person having total taxable income between
INR 1 crore to 2 crores
e) Surcharge @25% on tax in case of a person having total taxable income between
INR 2 crores to 5 crores
f) Surcharge @37% on tax in case of a person having total taxable income above INR 5
crores
g) Education cess is applicable @ 4% on income tax (inclusive of surcharge, if any).

Tax Rebate:
The Rebate of INR 12,500 under section 87A is available in case of taxable income up to INR
5,00,000. The amount of rebate shall be 100% of income tax or INR 12,500 whichever is less.

***

Page 11 of 11