Understanding Tax Benefits Apart from Form 16

Hello and welcome to Part 16 of the income tax education series brought to you by H&R Block, the global leader in filing income tax returns. Today we will understand whether you can claim a tax benefit for those investments which do not reflect on your FORM 16.

The answer is Yes. You can claim a tax benefit, provided you have made those investment within the relevant FY before 31st March. Form 16 will only reflect those investments that are declared by you in your tax declaration and related proofs submitted to the employer. Hence anything that is not declared will not be reflected in FORM 16 and taxes will be calculated and deducted accordingly. In fact declaring these investments at the time of filing your ITR will give you refunds for excess tax deducted earlier. E.g. Anupam makes some investments in ELSS savings in March 2015. These are however not declared by him to the employer since the last date for submitting tax investment proofs had lapsed. He can however produce these to his tax consultant later at the time of filing his ITR and claim refunds against his tax credits.

At H&R Block we always make sure to ask you the right questions and make sure that you claim all the eligible deductions to claim the maximum possible refunds.

I hope you found this useful. If you have any further questions on this topic, please feel free to ask us using #Ask Block.
© H&R Block (India) Private Limited. All Rights Reserved.