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

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

Income Tax Proof Submission
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If you work for an organization and your salary is above the exemption limit, you need to pay taxes. You may have made a tax saving investment, you have to submit investment proof to the employer to save tax.

You need to submit your investment proofs as per the deadline set by your organization. You may see increased TDS getting deducted from your March salary if you fail to submit proofs before the deadline. However, if you missed submitting the investment proof, there is still a way to save your taxes. While filing returns, you can give the details of your tax-saving investments and claim returns.

Which Proofs do you Need to Submit for Tax Saving?

You need to submit the below proofs to your employer or CA for tax savings:

i. Home Loan Certificate

- To claim deductions under the principal and the interest repayment.

ii. ELSS Investment Proof

- If you were investing in Equity Linked Savings Scheme (ELSS) throughout the year or made the lumpsum payment, you need to download the receipt from your broker's site and submit it.

iii. Insurance Receipt

- Payments towards health and life insurance.

iv. Donations

- Receipt for donations made to a notable trust to be submitted for the deduction.

v. Rent Receipt

- To claim HRA, submit a rent receipt.

How much can you Claim in Deductions?

You can claim tax deduction benefits under different sections of the Income Tax Act. Different sections cover different investments and have a maximum limit up to which you can claim deductions.

Section of the IT Act Description Maximum Exemption
Section 80C It is the most popular section for a tax deduction. The investment under this section eligible for deduction is a payment towards insurance premium, PF, Principle repayment of construction of a residential property, etc. Rs 1,50,000
Section 80D You can claim a deduction for the payments made towards the premium of a health insurance policy under this section. The payment could be made on behalf of the spouse, children, parents. Rs 25000 for spouse, dependents, and Rs 50000, if the person is over 60 years.
Section 80E You are eligible for deductions on the interest repayment of a loan taken to pursue higher education. No Limit
Section 80G You can claim a tax deduction on the amount you have donated to charitable institutions Depends on the donation type

Do you Need Additional Tax Saving Investments?

As a salaried person, you must be saving taxes through HRA and PF contributions. Your taxable income may still be above the threshold. You can invest in additional tax-saving options and lower your taxable income.

Below are the popular tax-saving investments:

1. Term Life Insurance

It is the purest form of life insurance that secures the future of your loved ones. The premium you pay towards your term insurance plan in a financial year is eligible for income deduction up to Rs 1.5 lakh under Section 80C.

You can also look for increasing term insurance while buying the cover early in your life. This will help you increase the cover at a discount and with minimal effort. A few features you should look for while buying a term insurance plan:

a) Life-stage increment option
b) Return of premium option
c) Joint life cover with spouse
d) Disability and critical health riders

2. National/New Pension Scheme (NPS)

National Pension Scheme is another tax-saving option that helps you plan your retirement years. Above your 80C investment, you can invest in NPS and claim additional Rs 50,000 deduction. Once you are 60 years, you can withdraw 60% corpus, while with the remaining 40%, you need to buy an annuity plan.

3. Unit Linked Insurance Plans (ULIPs)

Unit Linked Insurance Plan is an investment plus insurance plan. Part of your investment goes towards insurance and the majority towards investment. The premium you pay towards the insurance plan is eligible for a tax deduction.

Invest 4G from Canara HSBC life insurance gives you:

a) The flexibility to pay for the entire policy term or a limited year
b) Loyalty additions and wealth boosters during the policy tenure if you invest for a longer period
c) Automatically manage your equity investment as per market movements
d) Use the plan to protect important family goals like child’s higher education and marriage

4. Employee Provident Fund (EPF)

The contribution made towards Employee Provident Fund (EPF) is also eligible for tax deduction under Section 80C up to Rs 1,50,000. EPF interest rate is tax-free.

5. Health Insurance Plans

You can buy a health insurance plan and claim a deduction of up to Rs 25,000 on medical insurance premiums. Along with tax savings, you and your family are protected financially in a medical emergency.

Health First Plan from Canara HSBC Life Insurance covers you against life-threatening critical illnesses for a lump sum benefit. You also have the option to cover yourself against early cancer and heart ailments.

6. Endowment Plans

This is another investment option that gives you insurance, investment, and tax benefits. Your investment in the endowment plan is eligible for a tax deduction.

Guaranteed Savings Plan from Canara HSBC Life Insurance offers you:

a) Guaranteed maturity benefits and bonuses
b) Protection for maturity in case of your early demise
c) Loan facility at nominal rates in case of financial emergencies

Tax planning is essential for every individual. You should know all popular tax-saving investment options and invest in ones that meet your financial needs and requirements to save tax.

Most tax-saving investments are long-term, so you do not have to look for tax-saving options every year. Investment in tax-saving today will sort your tax-saving investment for many years to come. Instead, you should focus on using tax-efficient investments to meet your financial goals.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.

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