Rules to check before making annual Tax / Investment Declaration to employer
In January, most employers ask their employees to submit the investment declaration along with the proof every year. If you do not submit this declaration, the employer may deduct higher TDS amount.
What needs to be declared?
Employees should declare the tax saving investments and other deductions which they intend to claim in current financial year.
What will happen if the declaration & proofs are not submitted?
If you fail to submit the investment details & proof, the employer will not give you tax benefit for such investments and will deduct higher TDS Amount in coming month’s salary.
You will then need to claim the refund later from Income Tax dept by filing Income tax return.
Can I claim refund from Income Tax department later?
Yes, you can file Income Tax return and c...