What is the primary purpose of an investment declaration?

To inform the employer about an employee's investment strategies To calculate the exact amount of income tax an employee owes To help the employer determine the correct TDS to deduct from an employee's salary To declare all sources of income, including those unrelated to employment

Which of these is NOT a valid document for claiming Home Loan Interest deduction?

Home loan interest certificate Property tax receipt Bank statement showing interest payments Loan agreement document

What is the maximum amount of tax deduction allowed under Section 80C?

Rs. 50,000 Rs. 1,00,000 Rs. 1,50,000 Rs. 2,00,000

Which tax deduction section specifically covers medical insurance premiums?

Section 80C Section 80CCC Section 80CCD Section 80D

What is the key difference between an investment declaration and Form 12BB?

An investment declaration is submitted at the start of the financial year, while Form 12BB is submitted at the end An investment declaration is for tax deductions, while Form 12BB is for claiming tax refunds An investment declaration is mandatory for all employees, while Form 12BB is only for those claiming deductions An investment declaration is a simple statement, while Form 12BB is a detailed form with specific fields