Income tax proof submission last date 2017: Missed deadline? How to save tax, get refund from Income Tax Dept

Income tax proof submission last date 2017: Missed deadline? How to save tax, get refund from Income Tax Dept

If you have missed the income tax proof submission deadline, you still have a way to claim tax deductions and get refund for the higher taxes deducted from the Income Tax Department.

In India, if you are working as an employee, then your employer computes taxes on an estimated basis on the annual salary and withholds taxes at the time of payment of such salary (i.e. pay taxes as you earn). For this purpose, employees are required to submit a declaration of their investments (in the beginning of the year or at the time of joining employment) for which tax deductions can be claimed and also provide copy of proofs of such investments within the deadline as provided by the company (usually before the end of January). Failure to do so might result in deduction of taxes without claiming the actual benefit of deductions.

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If you are faced with such a situation and have missed the income tax proof submission deadline given to you by your employer or have made investments after the deadline dates but before the end of the tax year (i.e. 31st March), then you might feel that your tax planning efforts are disappointing as you would have not claimed the deductions and your income would have been subject to higher rates of taxes. 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 deducted from the Income Tax Department.

This can be done by claiming your deductions and exemptions while filing your income tax return. For example, if you have failed to submit your rent receipts to your employer on time or have made certain investments eligible for deduction under Section 80C of the Income-Tax Act, 1961, after the date of submission of proofs to your employer or failed altogether, you can still claim them at the time of filing your return. Thus, you can enjoy all the eligible deductions like deposits to PPF, PF contribution, amount paid towards life insurance premium, tuition fees paid, repayment of borrowed capital for buying or constructing house, interest on borrowed capital, and so on.

Similarly, you can claim your preventive health check-up bills under Section 80D of the Act. In case you are supporting a differently-abled dependent in your family or undergoing a medical treatment as self, deduction can be claim under section 80DD, 80DDB and 80U of the Act while filing your income tax return.

However, there are a few exemptions wherein if you fail to submit proofs to your employer, you will not be able to claim exemption even while filing your income tax return. Exemptions like leave travel assistance (LTA) and medical reimbursements are allowed to be availed only at the employer level. The bills for your travel against LTA / medical reimbursements can be claimed only via your employer.

In case if you are claiming the eligible deductions at the time of filing the tax returns, you just have to furnish details of your investment while filing your income tax return and are not required to submit proofs of your actual investments to the Income Tax Department. However, it is important to remember retain these proofs for 6 years in case your income tax officer seeks it in future for assessment.

Conclusion

Despite the above respite, it is advisable to submit your proofs to your employer on time in order to avoid unnecessary blocking of your funds due to excess tax deduction by your employer. So make sure you submit your proofs on time and be hassle free. Nevertheless, the option to claim deduction for eligible investments is anyhow available at the time of filing the return as well.

Source by financialexpress..

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