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For most companies this date is 10 March as proactiveness ensures that no extra tax is deducted from an employees salary.
How to save tax when you miss the income tax proof submission deadline. 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. 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. A financial year is about to end you must have received a reminder about the submission of Income Tax Proof from your employer.
However every year you. 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. 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.
So you can request your employer to not deduct tax on it and allow you to claim it next year. Interest Income on Saving Account Tax. 10000 for delayed submission of returns The penalty is calculated basis how late you submit your ITR.
The government has recently introduced a new section in the income tax act which enables it to levy a maximum penalty of Rs. 35 Easy Ways to Save Income Tax in India 202 1 1. Point to Note You can change the tax filing option every year so your choice will not be permanent.
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. There is no way to claim this amount if you have missed submitting bills to your employer. Filing this form gives you until October 15 to file a return.
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. You need to submit Xerox copy of. Those who miss this deadline will find that more tax is deducted at source TDS from their March salaries.
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