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Investment Proof Deadline: Sanjay works in a private company. In the month of January, his salary came less as compared to other months. Troubled Sanjay realized his mistake when he went to talk to HR. Actually Sanjay was negligent in checking the email and that is why he made a mistake. HR sent him a reminder to submit the Income Tax Investment Proof. Now for this reason more TDS was deducted from the salary for the month of January.
Your salary is also getting cut?
Lakhs of people commit such mistakes like Sanjay and repent later. If you have also made such a mistake and every month more tax is being deducted, then do not worry. You can save tax even after the deadline for submitting the investment proof has passed. However, for this you will have to wait for a few months and for the next two months you will have to work only with the deducted salary.
Due to this tax is being deducted
Before knowing how to save tax even after the mistake, let us know some basic things. At present, every taxpayer gets two options in the form of new tax system and old tax system to pay tax. At present, there is no tax on income up to Rs 2.5 lakh per annum. Even if you have more than this, you can save tax. Salaried person has to submit Form 12BB to give information about investment. By doing this, you can make income tax free up to a limit. If you do not submit the investment proof, then higher TDS is deducted from the salary.
This work is not necessary for everyone
The question that arises in the mind of all taxpayers is whether it is necessary for everyone to submit investment documents? The answer to this question is no. If you have opted for the old tax regime with exemptions and deductions, then only you have to submit tax saving investment proof. Those opting for the new tax regime do not need to submit these documents, as the benefit of such exemptions is not available in this system.
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key tax saving tips
When it comes to investing, the first thing that comes to mind is 80C. Under section 80C of the Income Tax Act, there is tax exemption on investments up to Rs 1.5 lakh. This investment can be made in Life Insurance, Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), Unit Linked Insurance Plan (ULIP), Sukanya Samriddhi Yojana (SSY), Tax Saving FD, National Savings Certificate (NSC) etc. Is. This includes your share of EPF contribution, child’s school fees, home loan principal amount, post office time deposit and stamp duty and registration charges on the purchase of the house. You have to submit their statement in your office, then TDS is not deducted from the salary.
At the same time, investment can be made in the National Pension Scheme (NPS) under section 80CCD. Investment up to Rs 50,000 in NPS is exempt from tax. Deduction is available on the premium of health insurance under section 80D. Apart from this, tax exemption is also available on interest on loan for leave travel allowance, higher education and electric vehicle.
Under section 24(b), a tax deduction of up to Rs 2 lakh is available on home loan interest. To take advantage of this exemption, you have to obtain an interest certificate from the bank or housing finance company. It mentions both the principal amount and the interest.
house rent can save tax
On the other hand, salaried people living in a rented house can claim HRA. For this, the employees have to submit the rent receipt, rent agreement and proof of fund transfer to the landlord. If the annual rent is more than one lakh rupees, then the PAN card of the landlord is required. If rent is paid in cash for more than Rs 5,000, a revenue stamp is affixed on the rent receipt. On submission of all these proofs, the amount of HRA is deducted from the total taxable income.
Now this chance for those who missed
After calculating all these investments and exemptions, the tax liability is created. If you do not submit these documents within the deadline, then every month more tax is deducted, which means your salary will be deducted more in the remaining months of the financial year. In such a situation, you can submit investment proof while filing income tax return and claim refund. There are some people who have not made the investment till now. Such people can also save tax by investing till March 31.
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