Investment Declaration for the Financial Year 2022-23

April & May, are the months when you are prompted by your employer to submit your investment declaration (tax savings investments) for the current Financial Year.

This is a simple but important activity. Based on your declaration, your payroll team will be able to determine your tax liability for the present Financial Year. So in case you miss to submit this, there may be more tax deducted than required during the subsequent months.

For those whose basic salary is high and / or whose basic component of the overall CTC (Cost to Company) is high, the PF (Provident Fund) may be sufficient to take care of the tax saving investment. For others who do not enjoy a high basic salary, the PF deduction by your employer may not be sufficient to cover the Rs.1.50lacs (u/s 80C) tax deduction limit.

So please go ahead and declare the investment plan. More importantly, ensure you follow through that plan with action.

For assistance with your tax saving investments, please drop a Whatsapp message on 97390 96718

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