Tds on salary

Tax queries 1196 views 10 replies

Dear Experts,
    I am salaried employee and my company has collected investment proof and last date was 10th Jan for the same. Unfortunately i don't have any investment and it will lead to deduct huge amount of tax.
  Now the query is:
Is it possible to open Fixed deposit for 5 year and get benefit under 80c even though my company has already collected investment proofs ? Also now where do i need to provide this new Proof of new FD to save tax under 80C ?

Regards
Nitin

 

Replies (10)

To your company no where else u need to give this proofs

Originally posted by : Jalpesh Maniyar
To your company no where else u need to give this proofs

This is really bad as we have 3 more months left for this FY and there may be situations where we may invest something during this time. I feel my company will deduct the tax but there should be way to get that some of the money back after filing returns but who should verify it then as my company will not accept any proof.
 

Invest your money where suits you and include that investment in your return. Any excess tds deducted or tax paid from your total tax liability will be refunded.
Originally posted by : JAINENDRA JAIN
Invest your money where suits you and include that investment in your return.
Any excess tds deducted or tax paid from your total tax liability will be refunded.

Thanks Mr. Jain,
      As i will be filing the returns online ...so do i need to send proofs to tax department ? I don't see any option to upload or send proof to IT department !!

no proofs to the department needed to be given just tell ur company that ur 80c investment amount is that much, they cannt deny the fact and they are oblige to take true amount of investment from u for TDS purpose, without ur knowledge they cannt deduct TDS

Originally posted by : Jalpesh Maniyar
no proofs to the department needed to be given just tell ur company that ur 80c investment amount is that much, they cannt deny the fact and they are oblige to take true amount of investment from u for TDS purpose, without ur knowledge they cannt deduct TDS

Thanks a lot Jalpesh,
 But as I mentioned i have already submitted proofs and due date to submit proof to company is already over. So now company is not accepting new proof.
So in this situation if i make any new investment during Feb/March company is not going to take any further proofs. 
So my query is How to show these new investments to IT Dept. to claim tax refund...
--> As Mr. Jain said above : just declare these new investment while filing returns ?
But i am not sure as while filing returns there will be mismatch between Form-16 given by company and my investments... So I have no clues.

Nitin, There is no query of Proof of Investment by the IT Department on the time of filing your IT returns. But ,when you make the Investment (JAN to MAR 2014) maintain the documents with due care. As this, when you prepare your IT Returns you should give the Investment details in the appropriate place without fail and your Bank Account detials should be correct. The retrun should be shown as REFUND OF TAX  at the end. Then  easily you may get Refund of Excess tax, from the IT Department.

Yes, at the time of filing the ur Income tax return, you can show this new investment and can claim the refund from Income tax department. Though this proof no need to show to IT dept. however u  have to keep this proof with due care.

You can submit the proof to your employer and even if the tax has been deducted, the employer can mention in the TDS return so that the TDS certificate will mention the amount refundable to you
Sir, you can make investment up to 31/03/2014 and even though your company has deducted huge amount of tax you can claim by filing the return. take experts advice for the investment purpose.


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