Tip Tuesdays: Before You Submit Your Proofs of Investment or Expense for Income Tax Savings, Make a Photocopy of All Your Receipts

by Vinaya HS on January 20, 2009

in Finance

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I completely forgot to do this, but you shouldn’t.

It’s a good habit to take a photocopy of all the receipts and documents that you are going to submit at your company as proofs of investment or expense for income tax savings. It’s one extra step, but worth it because:

  • In case something goes wrong and your original receipts are lost, you have a ready backup.
  • It’s good to have a complete set of receipts filed away along with your income tax returns.

Don’t make the mistake that I did. Make a photocopy before you submit.

Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment to submit your tip. And, as always, do spread the word if you find this useful.




Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

{ 3 comments… read them below or add one }

Girish January 20, 2009 at 10:13 PM

Well Said…..
Normally when submitting any documents to government organisations,
tax submission, any type of bill submissions, we need to
have a copy…
Regards,
Girish

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