As the fiscal year comes to an end, we must once more prepare for the investments and savings necessary to safeguard our future. However, before you settle in for this year, have you already turned in the investment proofs you stated for FY21–22?
We all submit form 12BB to our employers at the start of the year to make specific disclosures to avoid paying more in taxes and to qualify for tax refunds. It’s time to provide documentation of the investment.
Let’s examine the paperwork you must give your employer at the end of FY 21–22 in order to receive relief.
Everything you need to know about the submission of investment declaration proof
It is now that your company will check the accuracy of the claims you made because you may have submitted investment declarations in a form called form 12BB at the beginning of a financial year to ensure a greater in-hand salary. The employer’s document verification process will be more rigorous. Let’s look at the crucial details you should have in mind!
Key points to keep in mind while submitting tax investment proof
To prevent the claim being rejected by the employer, investment declaration documentation must be filed carefully.
- Examine how much you have already given to or need to continue contribute to the investments listed on form 12BB.
- Don’t restrict tax reductions to Section 80C. There are further investment tools available.
- Investigate every tax-saving option you have.
- Make sure you have duplicates of all the investment documentation.
Why should you provide investment proof?
Employees who provide proof of investment can lower their taxable income. By providing the necessary documentation for TDS deduction, employees might benefit from tax rebates.
What if you neglected to provide evidence?
If your employer has deducted too much TDS and you haven’t provided proof of your investment, you can file an income tax return to request a refund for the excessive TDS that was taken.
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