Investment Proof Submission
|Normally We Need To Submit Investment Declaration Proofs In January.
If Some One Fails To Submit Investment Declaration Proof Or He/She Could Not Provide In January Then How Tax Is Calculated Or Say Deducted From His/Her Salary.
I have resigned in Oct 14, now my ex-employer is asking me for Investment proofs which I had declared in this beginning of this Financial Year. Whereas I have submitted all my investment proofs to my current Employer. What should I do?
You have given only the declaration not the proofs therefore your ex-employar is asking you investments proofs & it’s mandatory….. You have to submit the xerox copies of your investments to your previous company.
I was not able to claim exemptions / deductions when the company asked for proofs, can I claim the same now?
Failing to submit proofs when the company calls for the same is common, claim a refund by re-computing the tax liability while filing your return of income and attaching the relevant proofs thereof. This is applicable for both Exemptions and Deductions. There is no separate document required for claiming a refund.
How Tax Is Calculated From January Till March?
Tax will be calculated for the whole financial year i.e. from April to March. Also, employees
If anyone fails to submit his / her investment proof in January / February, tax will be calculated on the earned income from April to December at actual and proposed earning from January to March. The total tax amount will be divided into 3 equal parts and deduction starts from January.