What is income tax proof submission?

Every year, salaried professionals/employees have to submit investment proofs so that their employer deducts the correct amount of TDS (Tax Deducted at Source). Employers in India are required to cut TDS every year and they might deduct more or less tax than necessary if the correct investment proofs are not given.

Do we need to submit proofs while filing returns?

No submission of proofs required with the Return Remember, you DO NOT need to submit these income tax proofs to ClearTax or to the Income Tax Department. We recommend you keep those safely, lest you receive an Income Tax Notice and the Assessing Officer calls for them. You must retain these proofs for 6 Years.

What if investment proofs are not submitted?

In case you are not able to file submit your proofs during that time, increased TDS will be deducted from the pay that you receive in March. However, in case you have not submitted your proofs for any given reason, there is still a way to save your taxes.

Does Income Tax Department ask for proof?

which prove the claims made by you in your tax-return are advised to be kept safe once you have filed your ITR for a particular financial year. Here, you should keep in mind that the income tax department does not ask you to submit any documentary evidence to substantiate the claim made at the time of filing ITR.

Do we need to submit proof for 80C?

The combined value of all investments u/s 80C cannot exceed Rs. 150,000 and you need to submit proofs for Section 80C investments. In case you can’t submit the investment proof to your employer, you can claim these deductions later when you file your income tax returns.

How do I attach supporting documents to eFiling?

To upload supporting documents (relevant material), follow these steps:

1. Logon to eFiling.
2. Select: Returns. Returns History. The applicable type of tax (e.g. ITR12, Employees Tax, etc.)
3. Click Open, on the far right, to open the workpage.
4. On the work page scroll down and click the link under Supporting Documents.

What is the last date for investment for FY 2020 21?

If you still have not completed your tax-saving exercise for the financial year 2020-21, then you should hurry up as today, March 31, 2021 is the last date to do it.

Can we claim HRA if not submitted proof in company?

In case an employee fails to submit the rent receipts to the employer, the employer will go ahead to deduct (Tax Deducted at Source) TDS without allowing HRA exemption. However, you can still claim the tax-exemption benefit available on HRA while filing your income tax return (ITR).

What is the proof of income tax return?

ITR-V stands for Income Tax Return Verification; the IT department generates this for taxpayers to verify the legitimacy of their e-filing. It is applicable only to those who file without a digital signature.

When do you need to submit Income Tax proofs?

The investments done for the year would be valid only for that year, i.e. any investments that are dated from 1-Apr to 31-Mar is valid only for that financial year. What happens if an employee does not submit income tax investment proofs?

How to submit Income Tax proof in India?

Click on the Income Tax Proof Submission Tab on the left hand side Click on the Income Tax Proof Submission Link. Click on the Link to Submit Proofs 1. This link would be enabled 30 days before the Separation Date (LDE). 2. You would not be able to claim HRA exemption from your next organisation for the period of your employment with IBM.

Do you need to submit proof of investment to claim tax exemption?

Most people would have received mail from their Accounts department about “ submission of proofs for investments done to claim income tax exemption ”. In case you have not, it might be on its way.

What happens if you do not submit proof of investment?

In case you do not submit the proofs, employer would not be able to give you tax benefit on your tax saving investments. This would lead to higher deduction of taxes. You can claim refund of these taxes only during filing of tax returns.