How-to
Declare investments as an employee
HRStop lets you manage your investment declaration. You can fill in the investment declaration in the portal and submit it. To avoid/reduce TDS deductions, employees make investments in different tax-saving schemes. Form 12BB is a single form that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the I-T Act.
Once you have declared your investments, you need to submit documents as proof of the declared investments.
Follow these steps to declare an investment as an employee:
Navigate to Main Panel → Compensation → Investment declaration.
The page that opens shows different fields to add investments.
Fill in the details and click Save. When you click Save, the details are saved and you can make changes as and when required. This lets you save the investment as a draft so that you can come back and resume your work.
Click Submit to submit the form. This sends your investment declaration to the finance team. Once submitted, the values cannot be changed.
All changes take effect instantly. You can also download the investment declaration for the selected financial year.
Follow these steps to upload a document:
Scroll down to the Upload Documents section and enter the Title, Description and Amount.
Choose the option under which the investment is declared, choose the file to upload as proof of the declared investment, and click the Upload button.
The entry is listed in a table with the status Submitted. You can download or delete the entry using the icons in the Actions column.
Note:
200000 is the standard deduction for housing loan repayment interest, but the maximum limit is 250000 in some special cases.
Once you declare an investment, you cannot edit/update it.