Salaried employees should submit tax investment proof by January 15: Failure to do so may result in deduction of money from salary, know what are the rules here

If you are a salaried employee and you have invested in tax savings scheme to save tax. Or if you have taken a loan for a house, then submit its proof to the finance department of your office as soon as possible. In fact, most of the companies in the country have given a deadline of January 15 to their employees to submit proof of tax saving investment.

Why do companies ask for proof? Actually, companies deduct TDS every month from the salaries of employees. The employee tells his company at the beginning of every financial year which schemes he is investing in or is going to invest in to save tax. Companies deduct tax from their salaries accordingly.

In January, companies ask for proof of investment. On this basis, the tax of the employee for the entire financial year is calculated. Then the companies deduct the money from the salary accordingly and deposit it with the Income Tax Department before the end of the financial year i.e. by 31st March.

What will happen if proof is not submitted? If you do not submit proof of tax-saving investment before the deadline set by the company and you come under the income tax net, then money can be deducted from your salary. This money will be deducted from the salary of January, February and March. So if you do not want to deduct more than the salary, then submit the proof of tax-saving investment before the deadline.

Belated income tax return can be filed till January 15 The government has extended the last date for filing belated income tax return (ITR) from December 31 to January 15. Now ITR can be filed with late fees till January 15, 2025. If a taxpayer has already filed their ITR but later finds that there are mistakes in it, they can also now file a revised return till January 15. Read full news