Those who miss this deadline will find that more tax is deducted at source TDS from their March salaries.

How to save tax when you miss the income tax proof submission deadline. For 2020 the deadline has been moved to 30 June because of COVID-19. While it is advisable to submit the proofs on time but if you have missed the deadline you still have a way to claim tax deductions and get refund for the higher taxes. In case an employee unknowingly ignores this section heshe is likely to receive a notice from the Income Tax department for the non-declaration of income.

The tax deadline was moved from April to July 15 due to COVID-19. Lets imagine that in your company the last date for handing in your tax-saving invest proofs to your employer was January 31 2019. Declare investments youll make even after the submission of your invest proofs.

Filing this form gives you until October 15 to file a return. Interest Income on Saving Account Tax. So you can request your employer to not deduct tax on it and allow you to claim it next year.

Taxpayers are required to submitfile their income tax returns of a given year before 30 April of the following year. For example for the year 2018 filing starts on 1 March 2019 and ends on 30 April 2019. Dont forget to submit your tax-saving proof to your employer else more TDS will be deducted from your salary and you need to file a refund request.

Did you still forget. In this article tax implication will be explained considering all the scenarios. If you dont file your ITR for the last assessment year by 31st July 2019 you will have to pay penalties.

In case you have not utilized your deduction limit us 80C to 80U you can do so by March 31 2018 and can claim the same at the time of filing ITR. You need to submit Xerox copy of. If you miss the deadline to submit the proof of investments or if you have not made any tax-saving investments over the financial year you may have to pay more tax.