Every employee must know how they receive reminders to submit an investment certificate from their employers. Sometimes you tend to postpone it repeatedly and finally release the income tax proof deadline.
Therefore, it will not reflect on Form 16. It is disappointing to continue to pay high taxes even after making your 80C investments and other savings. But you can still save on taxes and receive a refund from the income tax department in such cases.
1. Claim HRA Exemption in your Return
- Forgot to submit a certificate to your employer in time? Do not worry! If you rent and have made rent payments, you may require a deduction for rent because your application is sent.
- All you need is your rental cost and your PAN landlord (where payments are more than Rs 1,00,000 a year). Here is the HRA calculator that you can use to find out how much HRA will be exempt from tax. This calculator is built into clear taxes under a wage agreement. Exempt from HRA is calculated and deducted from taxable salary.
Want to claim HRA benefit and save tax?
An expert can recalculate your taxes and help you claim an HRA benefit.
2. Claim deduction under section 80C without investment
- In section 80C, Rs 1,50,000 can be reduced from taxable income. You can view the full list of deductions allowed under section 80C here.
- If you were unable to provide information about your 80C deduction to your employer in a timely manner, you can claim it in your income tax return. You can claim a resume, even if it does not appear on Form 16, because you can not access your employer. Or you could have made those investments after the employer’s last date to submit evidence (but you make investments for a deduction before 31 March of the financial year).
3. Require these deductions under section 80C without further investment
- Your share of PF Contribution
- Children’s Tuition Fee Payment
- Principal Repayments on Loan for purchase of House Property
- Stamp duty & registration fees and other expenses
- Life Insurance premium paid
- Bills for preventive health check-ups
4. Can not claim LTA & Medical refund in your backend
Sorry, you can not claim the LTA exception on your arrival. You can retrieve accounts for the journey against LTA with the employer. You may require LTA twice in four years. The current block is 2018-2021. The last block was from 2014-2017. You can submit non-indexed LTA to next year. Thus, you can ask the employer to deduct tax on it and allow you to claim it next year. There is no way to claim this amount if you have missed submitting an invoice to your employer. Your employer will deduct tax and pay you a refund amount for which you have not submitted an account.
Note: FY 2018-19 continued, there was no need to preserve and deliver medical commitments to employers as the 2018 budget has replaced reimbursement and transit insurance units with a standard deduction of Rs 40,000.
5. No collection of proof required by the reverse
Remember, you do not have to submit these Income Tax Reports to Certicom Consultant or to the Income Tax Department. We recommend that you store them safely so that you do not receive income tax notification and the rating representative requires it. You must keep these evidence for 6 years.