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What are income tax declarations?
Tax-saving declarations refer to providing information to employers regarding the investments made by employees during the financial year that can help reduce their taxable income.
By submitting these declarations, employees can ensure that their employers consider the applicable deductions and exemptions while calculating their tax and deducting the same every month from their salary.
Examples of tax-saving declarations include, providing details of investments in instruments like Public Provident Fund (PPF), National Savings Certificates (NSC), Life Insurance Premiums, medical insurance, and other eligible deductions like house rent etc. These declarations enable employees to optimize their tax liability and potentially receive the benefits of various tax-saving provisions provided by tax authorities.
Declaring investments on Keka.
Declaring your investments in Keka is a relatively straightforward process.
To view all the declarations you have made and to make any changes or add additional declarations go to the Manage Tax (1) tab under My Finances, you will be directed to the first tab under that, i.e. Declaration (2) under which you will further be directed to the My Declarations (3) tab, where you will be able to view all declarations done by you under various sections and approved/accepted by the concerned administrators.
The various sections (4) under which you can add declarations are adjacent to the My Declarations tab. You can select the respective section under which you want to add a particular declaration.
Under My Declarations you will be able to view all declarations done by you under various sections, the number of declarations done per section, the amounts declared, the amount accepted, etc.
To make a declaration, go to the desired section (1), then scroll to the deduction name (2) under which you wish to make a declaration, and click on Edit Declaration (2).
Now, type in the declaration amount (1) and upload any attachments as proof (2) if necessary, and then click on Save (3).
You will now get a Success notification. Follow the same steps to add a declaration under any of the other sections.
To declare your house property, either rent or ownership, go to the House Property (1) tab and select to either +Add Rented Residence or +Add Owned Residence (2) and add the relevant details.
To know more about how to declare house property, click here.
To declare any additional income that you might have earned from a source other than your job, go to the Income From Other Sources (1) tab and click on +Add Income From Other Sources (2).
You will get a Success notification and it will show the status of your declaration. You can update it in the future by clicking on the three dots.
If you joined the current organization in the middle of the financial year, then previous employment details will be necessary for income tax computation. To enter the same, click on the Previous Income (1) tab and click on the edit button (2) next to each month under Actions, and add the income earned from the previous organization in those months. When done, click on Save(3).
Form 12 BB is a provisional statement that contains details about your proposed investments and expenses that are deductible under Income Tax.
To download this form, click on the the Form 12 BB tab and then select the relevant financial year and then click on Generate Form 12 BB.
The last two tabs of Tax Filing and Tax Saving Investment are services offered by ClearTax to help e-file your ITR and help tax saving investment.
We hope you now have a good understanding of how to view and manage your tax on Keka. Please feel free to check out other articles on this portal!
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