However every year you.
How to save tax when you miss the income tax proof submission deadline. 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. Declare investments youll make even after the submission of your invest proofs. If you have missed the deadline to file your Income Tax Returns there is no need to panic as when it comes to filing of your income tax returns tax laws are not so stringent.
For each partial or full month that you dont pay the tax. The tax saving proofs if not submitted within time may make you end up with excess TDS which would have to be claimed as refund. Filing this form gives you until October 15 to file a return.
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. To get the extension you must estimate your tax liability on this form and should also pay any amount due. Mostly it will be first week of March Month.
Point to Note You can change the tax filing option every year so your choice will not be permanent. For example for the year 2018 filing starts on 1 March 2019 and ends on 30 April 2019. If you miss a quarterly tax payment the penalties and interest charges that can accrue depend on how much you make and how late you are.
Get an extension when you make a payment. Do your calculations and choose the option accordingly every year. So you can request your employer to not deduct tax on it and allow you to claim it next year.
You being a salaried person may have missed the filing return if you have an income on which all the taxes have been deducted or have. Forgot to submit tax-saving proofs to your employerIf you miss the last date for submitting your investment proofs you might have to pay higher tax than us. You may carry forward your unclaimed LTA to the next year.