munna Income Tax Return filing: How to Avoid Excess Deduction of TDS from Salary Account

Income Tax Return filing: How to Avoid Excess Deduction of TDS from Salary Account The Indian income tax laws cast an obligation on an employer to withhold taxes at the time of payment of salaries. Employers, therefore, withhold taxes on salary paid after allowing a deduction to the extent of prescribed investment/savings. As a practice, at the beginning of a Financial Year, employees are asked to furnish their ‘Income-tax declaration’ consisting of details of the investments and expenses they propose to make during such FY. Based on such provisional declaration, the employer deducts tax at source on a periodic basis and a true up is done, before the end of such FY, either by deducting further taxes or deducting less taxes for the remaining period as per the actual proofs of investments/savings furnished by the employee. Therefore, it should not be surprising if you find yourself in an annual drill of gathering and furnishing tax-saving proofs to your employer. Keeping in perspective the provisions of section 192(2D) of the Income-Tax Act, 1961 (Act) read with Rule 26C of the Income Tax Rules, 1961 (Rules) and the industry practices, this article attempts to guide you as what could be an appropriate proof for a given investment or savings in order to prevent excess deduction of taxes. House Rent Allowance Interest on loan taken for residential house property Tuition Fees Leave Travel Allowance (LTA) Investments under Section 80C...[More Details]                                                         You have received this mail because you are a member of Fantastic Indiaa. To stop receiving these emails please Unsubscribe

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