income tax declaration, e-mail received from HR for income tax declaration… then what to do, read immediately – income tax declaration avoid higher tds submit your investment proof on time IG News

New Delhi: April 1, 2023 will be the beginning of the new financial year. If you are a salaried employee, you may have already received an email from your accounts department (HR) asking for proof of tax-saving investments made in the current financial year. You need to plan the financial year and file your income tax declaration to avoid tax deduction from your salary. That means you have to give information about what you want to save tax by investing. According to this HR calculates your tax and mentions what tax will not be deducted from your salary.

In April 2022, you must have made a tax-saving investment declaration (declaration) to your employer (company) during the year, so that no tax is deducted from your earnings. Now is the time to provide documents to support that declaration. If you don’t provide the above proofs, it proves that you have not invested anything and the entire year’s tax will be deducted from the remaining 3 months salary. The last date to submit proof of your investment to HR is 15 February 2023.

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How to save tax?
If you have pledged investment for tax savings, you have to fulfill it. With three months left for the financial year to start, government schemes will be perfect for last-minute investments. Among these you can invest in Public Provident Fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana. In this government scheme you can claim tax exemption under income tax section 80C. Apart from this, you can also save tax on children’s education fees, provident fund (PF), life insurance premium, equity linked saving scheme, share of principal amount in home loan EMI.

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On the other hand, under Section 80D of Income Tax, an additional tax savings of Rs. 50,000 can be made on premiums of up to Rs. 25,000 for health insurance policies and up to Rs. But if you don’t have 1.5 lakh rupees for investment, the tax for the whole year will be deducted in the last three months.

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What to do if you get salary after tax deduction?
If you are unable to provide proof of your investment, it will be tax deductible. But if you complete the investment by 31st March after tax deduction, you can get refund by filing income tax return.

So let’s plan now to save tax and don’t wait for investment.