Can a bank statement be submitted as a proof of investment?
Let's say that I invest 50K in a tax saving fixed deposit. According to my bank, it will take at least 48 hours to get an acknowledgment.
Meanwhile, can I submit my bank statement as a proof of investment as part of my year end investment declaration form?
To be a bit more clear, I have not made any investments for this financial year. My company has given a deadline of 17th Feb for submitting the investment declaration. Given the fact that I only have one more day left for my investment declaration, the only proof of investment I can show my company is my bank statement showing that I have invested 50K in an FD. Will my bank statment be accepted as a valid proof of investment or there are chances that it may be rejected?
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Probably not. A debit of 50K in your Bank statement does not mean that its invested into tax saving instrument.
This question is best answered by the finance department of your company. Practise vary from organization to organization.
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