Tax rules you should know before making investment declaration
Many salaried individuals are in the process of finalising their tax-saving investments and other deductions they intend to claim this financial year, as most companies ask their employees to file their investment declaration along with proof by January.
If you fail to submit the details along with the proof, be prepared for huge cuts from the monthly salary.
The company will deduct applicable tax deducted at source (TDS) from your salary in the remaining months in the financial year, though you have the option of claiming a refund later from the Income Tax department.
Here’s a list of some new tax rules and deductions you need to be aware of while submitting your declarations: