Can I change old and new tax regime?

This is the first assessment year when taxpayers can choose to opt for the new tax regime. The finance bill also allows taxpayers to switch between the old and new tax regimes in the subsequent assessment years, but the rules are not the same for everyone.

Do we need to submit investment proof for new tax regime?

If an individual has opted for the new tax regime, then an individual is not required to submit any document or investment proofs to the employer.

How do I submit proof of investment for income tax?

Copy of the stamped deposit receipt, paid during current financial year as PPF proof for tax. Copy of investment certificate with the employee name, Investment Date, Amount, Type of Investment. Copy of investment certificate with the employee name, Investment Date, Amount, Type of Investment.

What can you claim on tax without proof?

The ATO generally says that if you have no receipts at all, but you did buy work-related items, then you can claim them up to a maximum value of $300. Chances are, you are eligible to claim more than $300. This could boost your tax refund considerably. However, with no receipts, it’s your word against theirs.

Can we revert back to old tax regime?

Thus, for persons having income other than income from business or profession, the option of choosing old tax regime or new tax regime, will be available every year.

How do I declare investments to save tax?

Recommended ways of saving taxes under Sec 80C,80D and 80EE

1. Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
2. Buy Medical Insurance, maximum deduction allowed is Rs.
3. Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.

How can I save tax on my new tax regime?

5 popular investment avenues for tax deduction under Section 80C

1. ​Commonly-availed tax-savers. One of the most common deductions available under the Income-tax Act, 1961 is section 80C.
2. ​Public Provident Fund (PPF)
3. ​ELSS mutual fund schemes.
4. ​Insurance plans.
5. ​Tax-saving fixed deposits.

How do I withdraw my ELSS amount?

The simple answer is that you cannot withdraw your ELSS before the lock-in period. However, you can choose to get a loan against mutual funds (LAMF) if you want to fulfil an urgent need for funds.

What are the tax benefits of investing in LIC MF ELSS?

When you invest in LIC MF ELSS Funds, you become eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this, the amount invested by you gets deducted from your taxable income. It reduces your overall tax liability.

Can taxpayer invest in ELSS Fund for Section 80C deduction?

Taxpayer can make various other investments to avail deductions in the Section 80C of the IT Act. But, the taxpayer can also invest just in the ELSS fund and avail the benefits. Maximum amount that is allowed for deduction in the Section 80C of the IT Act is Rs.1.5 lakh in a year.

How to claim tax benefits on mutual funds (ELSS)?

How to Claim Tax Benefits on Mutual Funds (ELSS) ELSS funds qualify for tax exemptions under Section 80C of the Income Tax Act. Deductions of up to Rs.1.5 lakh can be availed on the amount invested on ELSS funds. Supporting documents have to be provided by the policyholder to claim deductions.

What are supporting documents for ELSS funds?

Supporting documents have to be provided by the policyholder to claim deductions. What are ELSS Funds? ELSS or Equity Linked Savings Scheme is a type of diversified equity mutual fund that is qualified for tax exemption under Section 80C of the Income Tax Act.