Every year around this time, employees are asked to submit proofs of investments and expenses that qualify for tax deduction, in line with the declaration made by them at the beginning of the financial year. The actual investment can be more or less from what was stated earlier in the year. But if the required proofs of investment are not submitted before the given deadline, it will be considered as if the investment was not done yet. To avoid this situation, read about some of the things that need to be taken care of while submitting the proofs of investment.
The requirement
The declaration of planned investments and expenses help you avoid unnecessary tax deduction at source (TDS). According to income tax rules, it is the obligation of an employer to deduct TDS from the monthly salary of employees, based on the income tax slab applicable to them.
