How do I claim deductions if not accounted by employer?

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How do I claim deductions if not accounted by employer?

You can claim all the deductions/ exemptions under section 80C,80D while filing of Income Tax Return for the relevant financial year….Claiming HRA not accounted by employer

  1. Calculation of HRA.
  2. Filling the Salary Details in ITR with modifications for HRA.
  3. Checking if Refund is due or not.

Is ELSS tax exempt?

The Long-Term Capital Gains on ELSS are tax-exempt up to Rs 1 lakh, and dividend received is tax-free in the hands of investors. You can continue to invest in this scheme even after the completion of the lock-in period of three years.

Do ELSS funds qualify for tax exemptions?

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.

Can I claim tax deduction on two sips in two elsss?

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Many investors in tax saving mutual funds or Equity Linked Saving Schemes (ELSSs) often get confused about their SIP investments and claiming tax deductions on them. For example, a reader asked us recently whether he can claim tax deduction on his two SIPs in two ELSS schemes.

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.

What is ELSs and how does it work?

ELSS stands for Equity Linked Savings Scheme. It is a diversified equity mutual fund which apart from offering capital appreciation also offers investors tax benefits. Investments made in ELSS mutual funds qualify for a deduction u/s 80 C of the Income Tax Act.