PAYROLL – Investment
declaration
Investment Declaration
• You can add IT declarations for the Financial Year once the same will be released by the company.
A) HRA and Others(U/S 10)
Step 1: Click on Add House Rent Allowance
Step 2 : Fill in the Address , Select whether the city of stay is Metro or Non-metro, Enter the Month and Year for
which the Rent has to be declared , Enter the Monthly Rental Amount and the owner’s PAN number.
• To view the rules for HRA exemption, Click on the Help Text Icon which is highlighted in the image given below.
Metro or Non Metro City Details should be updated by employees before HRA declaration
Path : Login >View Profile >Profile >Personal Details > In Salary Payment Details
• Click on the Edit (Pen) icon as highlighted in the image
• If You live in a Metro city ,check Yes otherwise keep unchecked and click on UPDATE
B) House Property (u/s 24)
NOTE :
1) To declare for Self Occupied House Property. Click on Select >
Choose Home Loan Interest Paid for Self-occupied Property > Tax Benefits
Enter the amount First Home – Self Occupied On Principal Repaid - Actual
principal repaid subject to a maximum of Rs. 1,50,000 (Rs. 2 lakh
for senior citizens) can be claimed as investment eligible for tax
deduction under section 80C.
On Interest Paid - Actual home loan interest paid subject to a
maximum of Rs. 2 lakh (Rs. 3 lakh for senior citizens) if house
construction completed within 5 years from the end of the
financial year in which loan is taken
If construction of house not completed within five years then Rs.
30,000 is tax exempt
Additional exemption of upto Rs. 50,000 on interest paid for
loans upto Rs. 35 lakh with cost of home upto Rs. 50 lakh.
2) To declare for Let Out Property. Click on Select > Choose Home Loan Interest Paid for Let-out Property > Enter
the amount
NOTE :
First Home – Rented/ Vacant (deemed to be let
out property) On Principal Repaid - Upto Rs.
1,50,000 (Rs. 2 lakh for senior citizens) eligible for
tax deduction under Section 80 C. The deduction is
available only if the property owner is staying in a
different city for work.
On Interest Paid - Exemption on interest is capped
at lower of two, a) Rs. 2,00,000 or b) actual interest
paid for all properties owned by a tax payer.
3) Once the values are declared for the House Property IT Declaration,
Click on the Submit Button. Second Home or Additional Property On Principal
Repaid - None
On Interest Paid - Exemption on interest is capped
at lower of two, a) Rs. 2,00,000 or b) actual interest
paid for all properties owned by a tax payer
Under Construction Property On Principal Repaid -
None
On Interest Paid - The interest paid can be claimed
in equal parts in five financial years post
completion or handing over of property within the
overall annual limit of Rs. 2 lakh.
C) Investment Declaration (u/s 80C) & Others
The eligible taxpayers can
claim deductions of maximum
amount up to Rs. 1.5 lakh per
year. Both individuals and
HUFs are eligible for income
tax deductions under 80C
• Steps for Investment Declaration :
1) Click on Select > Choose the mode of investments you want to declare.
2) Once Selected Enter the amount of investment.
3) Once declared Click on the SUBMIT button
D) Mediclaim (u/s 80D)
HEALTH INSURANCE PREMIUM - 80D
You can claim a tax deduction under this
section for the payment of medical
insurance premium for self, spouse or any
child. In addition, any amount paid for
health check-up can also be claimed for tax
deduction which shall not exceed to Rs.
5,000.
Maximum Exemption under this Section
would be Rs. 1,00,000 if Self and Parents are
Senior Citizens including Rs. 5,000 of health
check-up.
Steps to declare Mediclaim
1) Click on the Mediclaim Tab
2) Click on Select in Type of Mode > Select the Given Option
The Same steps can be followed
to declare :
1) Section 80D - Medical
Insurance for Parents
3) Enter the amount that has to be declared 2) Section 80D - Medical
Insurance for Parent(s) if Senior
Citizen(s)
4) Click On the SUBMIT button
