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What to do when you have missed the Income Tax Proof Submission Deadline?

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What if I have missed the Income Tax Proof Submission Deadlines?
December 12, 2023

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Every salaried employee has to pay income tax when their annual earning is higher than the exemption threshold. To reduce the taxable income and consequent burden of tax, the Income Tax Act, 1961 has provisions for deductions under its various sections. To claim those deductions, the employee needs to make specific tax-saving investments, make a declaration of those to the employer and submit proof towards the end of the financial year to his employer. The employer then accordingly deducts TDS from employee’s salary. But what if he/she misses the income tax-proof deadline?

What happens if you miss the investment proof submission deadline?

At the beginning of a financial year, the employer asks for a proposed investment declaration, based on which the estimated tax is deducted from salary as TDS every month. The final tax calculations depend on the investment proof submission towards the end of the year, usually during December-January.

So, if you miss the submission deadline, the entire set of proposed investments do not get considered , making your taxable income higher and in turn TDS gets deducted at a higher rate.

If you fail to provide investment proof to your employer, you can always submit it while filing the income tax returns and claim a refund. So, technically, you don’t lose your money.

Even if you haven’t invested throughout the year, there’s always scope to invest in tax-saving options within the financial year to claim refund. You can always buy an investment plan in India at the last minute to avail of the tax benefits.

Proofs that can be submitted

As a salaried employee, the following are the proofs you can submit with your investment declaration to claim deductions:

  • Annual premium receipts of life insurance up to Rs 1.5 lakh
  • Annual premium receipts of health insurance up to the specified limits depending upon the type of expenditure and mode of payment.
  • Fund statements and payment receipts of ULIP, ELSS mutual fund, PPF, NPS contributions and annuity plans up to Rs 1.5 lakh per annum
  • Monthly rent receipts and rent agreement to claim HRA
  • Home loan statement stating the interest payment for full or partial deductions
  • Donation receipts for amounts given to charity and social causes as permitted under the provisions of the Income Tax Act,1961.
  • Payment receipt of your child’s tuition fees

What to do for additional tax savings?

If your earnings remain above the exemption threshold despite the PF and HRA settlements, it’s time to go for additional tax savings through investments. Alternatively, if you make less investment than the specified limit and end up paying higher taxes, you can always invest further in tax-saving options and claim a refund of such higher tax deducted.

Where to invest for tax savings?

Following are the most popular options when you are looking for tax-saving investments.

  • Buy term insurance:

    Secure your loved one’s future while enjoying exemptions for annual premiums up to Rs 1.5 lakh.

  • Invest in ULIP plans:

    Grow your money with the dual advantages of life cover and investment in market-linked funds and avail deductions for annual premiums up to Rs 1.5 lakh.

  • Contribute to PPF:

    Invest up to Rs 1.5 lakh in Public Provident Fund to claim deductions.

  • Health insurance:

    Stay prepared for medical emergencies and get tax exemptions for premiums up to Rs 25,000 (Rs 50,000 for senior citizens) subject to conditions mentioned therein.

Choose your investments wisely. Reaping the tax benefits in full will ensure your take-home salary remains less affected.

Related Articles:  

ARN - INT/ED/11/23/6404  

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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#Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions.

#Tax Laws are subject to change from time to time.

#Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

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