Investment Declarations
Investment declarations allow you to inform your employer about planned tax-saving investments for the financial year. Based on your declarations, Omnivoo adjusts your monthly TDS so you take home more each month instead of waiting for a refund at year-end.
Accessing Investment Declarations
- Log in to your Omnivoo account.
- Click Investment Declaration in the sidebar.
- Select the financial year from the dropdown (e.g., FY 2025-26).
Tax Regime Selection
Before declaring investments, you must choose your tax regime:
| Regime | Key Difference |
|---|---|
| Old Regime | Lower tax rates are offset by allowing deductions under 80C, 80D, HRA, and others. Better if your total deductions exceed approximately Rs 3.75 lakh. |
| New Regime | Lower base tax rates with a higher standard deduction (Rs 75,000), but most deductions and exemptions are not available. Simpler, often better for employees with fewer investments. |
Use the tax regime toggle at the top of the declaration form to switch between Old and New.
If you select the New Regime, all deduction fields are automatically set to zero and disabled. The new regime does not permit most deductions. Only HRA exemption and a few employer-specific benefits are unavailable -- the form clearly indicates which fields are active.
Section 80C Investments (Cap: Rs 1,50,000)
Section 80C offers the most common tax deductions. The combined limit across all 80C instruments is Rs 1,50,000 per financial year.
| Investment | Description |
|---|---|
| PPF (Public Provident Fund) | Long-term savings with guaranteed returns and tax-free maturity |
| ELSS (Equity Linked Savings Scheme) | Mutual funds with a 3-year lock-in and market-linked returns |
| NSC (National Savings Certificate) | Fixed-income post office scheme with a 5-year lock-in |
| Life Insurance Premium | Premiums paid on life insurance policies for self, spouse, or children |
| Tuition Fees | School or university tuition fees for up to 2 children |
| Home Loan Principal Repayment | Principal portion of your home loan EMI |
Enter the expected annual amount for each instrument. The form displays a running total and warns you if you exceed the Rs 1,50,000 cap.
Your Employee PF contribution (12% of basic) already counts towards the 80C limit. Factor this in before declaring other investments to avoid over-declaring.
Section 80D -- Health Insurance (Cap: Rs 1,00,000)
Declare health insurance premiums for tax deduction under Section 80D.
| Category | Maximum Deduction |
|---|---|
| Self & Family | Rs 25,000 (Rs 50,000 if you or your spouse is a senior citizen) |
| Parents | Rs 25,000 (Rs 50,000 if either parent is a senior citizen) |
The combined maximum across both categories is Rs 1,00,000 (if both you and your parents are senior citizens, with preventive health check-up included).
Enter the annual premium amount for each category.
HRA Exemption
If you pay rent and receive HRA as part of your salary, declare your rent details to claim HRA exemption:
- Monthly Rent -- The rent you pay each month.
- Landlord PAN -- Required if your monthly rent exceeds Rs 8,333 (i.e., annual rent exceeds Rs 1,00,000).
HRA exemption is calculated as the minimum of: (a) actual HRA received, (b) rent paid minus 10% of basic salary, or (c) 50% of basic salary (metro cities) / 40% (non-metro). Omnivoo calculates this automatically based on your salary structure and declared rent.
Other Deductions
Home Loan Interest -- Section 24
If you have a home loan, declare the interest portion of your EMI. The maximum deduction is Rs 2,00,000 per financial year for a self-occupied property.
Education Loan Interest -- Section 80E
Interest paid on an education loan for higher education (for yourself, spouse, or children). There is no upper limit on this deduction, and it is available for up to 8 years from the year you start repaying.
Donations -- Section 80G
Donations to approved charitable institutions. The deduction amount depends on the institution -- some qualify for 100% deduction, others for 50%. Enter the donation amount and the institution name.
NPS (National Pension System) -- Section 80CCD(1B)
An additional deduction of up to Rs 50,000 for contributions to NPS, over and above the Section 80C limit of Rs 1,50,000.
Declaration Summary
At the bottom of the form, a summary section shows:
- Total Section 80C deductions (with cap indicator)
- Total Section 80D deductions (with cap indicator)
- HRA exemption (estimated monthly saving)
- Other deductions (Sections 24, 80E, 80G, 80CCD)
- Grand total of all declared deductions
Review this summary carefully before submitting.
Submitting Your Declaration
- Fill in all applicable investment amounts.
- Review the summary at the bottom.
- Click Submit Declaration.
Status Flow
| Status | Meaning |
|---|---|
| Draft | You are still editing. Changes can be made freely. |
| Submitted | Your declaration has been submitted for verification. Editing is locked. |
| Verified | Your employer or Omnivoo has verified the declaration. TDS is adjusted accordingly. |
Only declare investments you are confident you will actually make during the financial year. If your actual investments fall short of your declarations, you may face a higher TDS deduction in the final months of the year (January-March) to compensate, or a tax liability when filing your ITR.
When to Update Your Declaration
- Start of financial year (April) -- Submit your initial declaration based on planned investments.
- Mid-year changes -- If your investment plans change (e.g., you take a home loan, change health insurance), update your declaration.
- Year-end (January-February) -- Review and finalize your declaration with actual investment amounts before your employer locks the form for the year.
Proof Submission
After the financial year ends, your employer may request proof of actual investments (e.g., insurance premium receipts, PPF passbook, rent receipts). Keep your documents organized throughout the year so you can provide them promptly.
For questions about investment declarations or TDS calculations, contact support@omnivoo.com.