{"id":6765,"date":"2020-01-13T10:20:39","date_gmt":"2020-01-13T04:50:39","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=6765"},"modified":"2020-01-13T11:35:45","modified_gmt":"2020-01-13T06:05:45","slug":"submit-income-tax-proof-employer","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/submit-income-tax-proof-employer\/","title":{"rendered":"Submitting Income Tax Proof to Employer – Guidelines, Dos & Don\u2019ts"},"content":{"rendered":"
It\u2019s time of the year when everyone including your employer is worried about your taxes. Most people would have received mail from their Accounts department about \u201csubmission of proofs for investments done to claim income tax exemption<\/strong>\u201d. In case you have not, it might be on its way.<\/p>\n This post helps you understand why salaried class needs to submit these proofs to their employers, how it should be done, what documents to be submitted and if there is a deadline?<\/p>\n Employers are responsible to deduct income tax<\/strong> (TDS \u2013 Tax deduction at source) from salary paid to its employees and deposit the same to income tax department. But income tax is complicated and the final tax depends on the tax saving investments a person makes or if the person lives on rent or if he has a house. So to compute your taxes correctly your employer asks for a declaration at the start of financial year (in April). The TDS is deducted based on this declaration.<\/strong><\/p>\n Also Read:\u00a0<\/strong>Check if you took advantage of all Tax Saving Sections!<\/a><\/p><\/blockquote>\n As we approach the end of financial year, employer wants to make sure you did what you declared as it impacts the tax calculation. So it asks you to submit proofs for income tax saving investment that you made, rent receipts along with any other documents. Once the proof is submitted the employer computes tax based on the actual investments made and TDS is adjusted accordingly.<\/strong><\/p>\n There are no guidelines<\/strong> about when any employer should ask for investment proofs. Some companies start asking for the same in December but most of them would ask for it before end of January. This is asked so early on as the enhanced tax deduction can be done from 2-3 months\u2019 salary. Also this awakes the lazy ones and they start their tax planning.<\/p>\n Download:<\/strong> Excel based Income Tax Calculator for FY 2019-20\u00a0<\/a><\/p><\/blockquote>\n In case you do not submit the proofs, employer would not be able to give you tax benefit on your tax saving investments. This would lead to higher deduction of taxes. You can claim refund of these taxes only during filing of tax returns.<\/a><\/strong><\/p>\n Indian income tax laws are complicated and have multiple exemptions and investment options. Below is the list of documents that needs to be submitted to your employer to get relevant tax deductions.<\/p>\n Download:<\/strong> Free ebook for Income Tax Planning for FY 2019-20<\/a><\/p><\/blockquote>\n Following documents need to be submitted to claim tax benefit on HRA:<\/p>\n Also Read<\/strong>: Not getting HRA? you can still claim Tax Benefit for Rent Paid u\/s 80GG<\/a><\/p><\/blockquote>\n Also Read<\/strong>:\u00a0Can HRA & home loan tax benefit be claimed at the same time?<\/a><\/p><\/blockquote>\n Also Read:<\/strong>\u00a0Making Sense of Tax Benefit on Health Insurance u\/s 80D<\/a><\/p><\/blockquote>\n Also Read:<\/strong> All about RGESS<\/a><\/p><\/blockquote>\n Also Read:<\/strong>\u00a0How to Pay 0 Income Tax on Rs 20+ Lakh Salary?<\/a><\/p><\/blockquote>\n The table below gives the list of documents to be submitted to get tax benefit u\/s 80C<\/p>\n Also Read:\u00a0<\/strong>15 Investments to Save Tax u\/s 80C \u2013 Which is the Best?<\/a><\/p>\n<\/blockquote>\nWhy Employers Ask for Tax Saving Investment Proofs?<\/h2>\n
When does Employer ask for Proofs?<\/h2>\n
What if you do not Submit the Proofs?<\/h2>\n
Documents to be Submitted<\/h2>\n
House Rent Allowance (HRA) u\/s 10(13A)<\/h3>\n
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Home Loan Interest u\/s 24<\/h3>\n
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Medical Insurance Premium u\/s 80D<\/h3>\n
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Interest on Repayment of Education Loan u\/s 80E<\/h3>\n
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Rajiv Gandhi Equity Saving Scheme (RGESS) u\/s 80CCG<\/h3>\n
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Handicapped dependent u\/s 80DD<\/h3>\n
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Medical Treatment Expenses u\/s 80DDB<\/h3>\n
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National Pension Scheme u\/s\u00a080CCD(1B)<\/h3>\n
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Section 80C Deductions:<\/h3>\n
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