Investment Declarations
An investment declaration tells your employer how much you plan to invest and spend on tax-saving items, so your monthly TDS is computed on your reduced taxable income. This page is a reference for what each deduction means and its limit. For the step-by-step of where to fill it in, save a draft, submit, and upload proofs, see Investment Declarations (employee guide).
Most deductions only apply under the Old Tax Regime. If you are on the New Tax Regime (the default), most of these inputs do not reduce your TDS, though a few specific reliefs (such as the 80CCD(2) employer NPS contribution) still apply. The ₹75,000 standard deduction and the Section 87A rebate apply automatically. See TDS & Income Tax for regime details.
How statutory caps work
Each deduction has a statutory limit. If you declare more than the limit, Omnivoo automatically clamps the amount to the cap and shows you a notice listing every field it adjusted, so your declaration always stays within the law.
Section 80C (cap ₹1,50,000)
The most-used section. Eligible items:
| Investment | Details |
|---|---|
| EPF (Employee PF) | Your 12% PF contribution |
| PPF | Public Provident Fund |
| ELSS | Equity Linked Savings Scheme mutual funds |
| Life Insurance | Premium paid on life insurance policies |
| NSC | National Savings Certificate |
| Tuition fees | School/college tuition |
| Home loan principal | Principal repayment on a housing loan |
The employee NPS contribution under 80CCD(1) also counts inside this ₹1,50,000 cap.
Section 80D (Health Insurance)
| Category | Maximum Deduction |
|---|---|
| Self + family premium | ₹25,000 |
| Self + family (senior citizen, 60+) | ₹50,000 |
| Parents' premium (below 60) | ₹25,000 |
| Parents' premium (60+) | ₹50,000 |
| Preventive health checkup | ₹5,000 (within the self/family bucket) |
The preventive-checkup amount sits inside the self/family cap rather than on top of it.
HRA Exemption (Section 10(13A))
If you pay rent and receive HRA, you can claim an exemption. The exempt amount is the least of:
- Actual HRA received
- Rent paid minus 10% of (Basic + DA)
- 50% of (Basic + DA) for a metro city, or 40% for non-metro
When you declare rent, Omnivoo computes your annual rent as your monthly rent multiplied by the number of months between the rent-period start and end dates (clamped to a range of 0 to 12). If you leave the rent-period dates blank, it defaults to a full 12 months.
The landlord's name and address are always required once your monthly rent is above zero. The landlord's PAN becomes mandatory when the computed annual rent exceeds ₹1,00,000.
Section 80CCD (NPS - National Pension System)
| Sub-section | What it covers | Limit |
|---|---|---|
| 80CCD(1) | Your own NPS contribution | Counts inside the ₹1,50,000 80C cap |
| 80CCD(1B) | Additional NPS contribution | ₹50,000, over and above the 80C cap |
| 80CCD(2) | Employer's NPS contribution | Auto-populated from your payroll |
Section 24 (Home Loan Interest)
- Deduction on interest paid for a self-occupied property.
- Maximum: ₹2,00,000 per financial year.
- You declare the lender name, address, and PAN.
Section 80E (Education Loan Interest)
- Interest paid on an education loan for self, spouse, or children.
- No upper limit on the deduction amount.
- The lender type dropdown offers three choices: Bank, Approved financial institution, and Charitable institution. Only a bank or an approved financial institution qualifies. If you select Charitable institution, Omnivoo shows a warning that the deduction may be disallowed.
Section 80G (Donations)
- Donations to eligible funds and institutions.
- The deductible portion depends on the donee category. The form offers four choices: 50% (no qualifying limit), 100% (no qualifying limit), 50% (with qualifying limit), and 100% (with qualifying limit).
- The payment mode options are Cash, Cheque, Online, and Other.
- Cash donations over ₹2,000 are not eligible (Section 80G(5D)). Use cheque, online, or other non-cash modes for larger donations.
- You declare the donee name, PAN, address, amount, payment mode, and category.
Other deduction sections
| Section | Covers | Cap |
|---|---|---|
| 80EE | Interest on a first home loan | ₹50,000 |
| 80EEA | Interest on an affordable-housing loan | ₹1,50,000 |
| 80EEB | Interest on an electric-vehicle loan | ₹1,50,000 |
| 80GG | Rent paid when you receive no HRA | ₹60,000 |
| 80DD | Maintenance of a disabled dependant | Statutory |
| 80DDB | Treatment of specified diseases | Statutory |
| 80U | Self disability | Statutory |
| 80TTA | Savings-account interest | ₹10,000 (mutually exclusive with 80TTB) |
| 80TTB | Interest income for senior citizens | ₹50,000 (mutually exclusive with 80TTA) |
You can also report other income, a self-occupied house property loss (capped at ₹2,00,000), and previous-employer salary and TDS (Form 12B) on the same declaration.
Impact on Your Take-Home Pay
On the Old Regime, declaring eligible deductions reduces your projected taxable income, which lowers your monthly TDS and increases your take-home pay. Declare as early in the financial year as you can to benefit from lower TDS from the first month.
To actually fill in and submit your declaration (including draft, submit, and proof uploads), see the Investment Declarations employee guide.