Have you missed the deadline for submitting investment proof to save income tax? Well, No problem. You can still save tax even after missing the deadline for submitting the proof of investments.
Your employer asks you and other employees to submit investment proofs made over a year. This helps your employer adjust the tax deducted at source (TDS). The last date to submit investment proof depends on the employer.
You would generally have to submit investment proof between January to March. Your employer would have asked you to submit the investment proof between January to March 2019. What if you have missed this deadline? Your employer would deduct more TDS from the salary.
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Your employer has to follow income tax laws which ask him to deduct TDS from your (employees) salary, according to income tax slabs. When the financial year is about to end, your employer would check your tax liability and adjust TDS based on pay. He would ask you to submit investment proofs. If the employer has deducted less TDS in a financial year, then he would increase TDS deductions for the remaining months of the financial year.
Now, if you have missed the deadline to submit investment proof or you have not made tax saving investments in a financial year, you end up paying more tax. But, you have time till March 31st to pick up tax saving investments and even claim a TDS refund when filing ITR. You can do this even if you have failed to submit the proof of investments.
Forgotten to submit rent receipts to the boss? There’s no need to panic. You can claim HRA when filing ITR. Just adjust the taxable part of the HRA when filing income tax return. Keep rent receipts and PAN of the house owner handy. (You need PAN of the house owner if rent is more than Rs 1 Lakh).
See Also: How To Reduce Income Tax In India?
See Also: 10 Easy Ways to Save Income Tax in India
You get tax deductions on health insurance premiums paid towards self and family up to Rs 25,000 a year under Section 80D. This is Rs 50,000 a year for senior citizens. The annual deduction on health check-up expenses can also be claimed up to Rs 5,000 a year. This is part of the overall deduction under Section 80D and can be claimed for family members like spouse, parents and children.
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