Salaried individuals across the vast corporate landscape, have to finish their investments for the year, by the month of December. This is to make sure that they get maximum tax deductions from their salary. To achieve this, there is a list of things that people should remember when they are about to submit proofs of their tax declarations to their employer.
Submit your tax declarations in the month of April
You should submit your tax declarations in the month of April where you have tried to maximise your tax deduction and reduce your tax liabilities. However, you must declare only those investments that you will be able to manage. Unrealistic investment declarations might put you in a fix, and you might lose a significant part of your salary as taxes.
Finish your investments by December and January
After declaring investments, make sure you complete all of those investments by the month of December and January when the declarations have to be finalised. Make sure you keep both the hard as well as soft copies of your investment proofs, which will help you claim tax deductions.
Invest in some new schemes
You can let your accounts or HR department know about your investment plans in new schemes that are launched after your April declaration deadline. You can then declare them along with your other investments.
Manage tax declarations between job switch
If you have changed jobs during the year and declared investments in both the companies, make sure you inform about the declarations made in your previous company to your current company.
A dedicated client communication program in H&R Block looks at people’s lives through their taxes to help our clients file taxes by reviewing their tax situations. This also helps us in providing tailored advice to help them save taxes.
Source : Business Wire