By now most of the employers would have asked their employees to submit investment proof. Companies generally ask employees to submit the related document on investment declarations made at the beginning of the year. Employers do this to deduct tax deducted at source or TDS from the employee’s salary and submit it to the tax department.
It is possible you may not have done your tax-saving investments yet. It is also possible that your life insurance premium or health insurance premium is due in March and you are not able to submit the payment slip to your employer. What should you do in a situation like this?
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You can still claim these while filing your income tax return. You can claim deduction of up to ₹1.5 lakh against the life insurance premium paid, education fees paid for up to two children, investment made to public provident fund (PPF) etc. For the health insurance premium paid you can claim a deduction of ₹25,000 in a financial year. This includes up to ₹5,000 spent on preventive health checkup.
You can also claim the house rent allowance (HRA) deduction while filing your income tax return in case you forgot to submit the rent receipts with your employer.
However, do remember that you can’t claim the deduction on leave travel allowance (LTA) while filing the tax return. You can claim LTA twice in the block of four years. The current block is 2018-2021. You need to submit the proof related to LTA with the employer to claim the deduction.
To claim these deductions while filing the tax return, you are not required to submit any proof with the tax department. However, it is advisable to keep the document safe as the tax department may send you some notice or the assessing officer may ask for it.
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