Skip to main content

What to do when you have missed your income tax return date | Certicom

How to save tax when you miss the income tax period of proof



Every employee must know how they receive reminders to submit an investment certificate from their employers. Sometimes you tend to postpone it repeatedly and finally release the income tax proof deadline.
Therefore, it will not reflect on Form 16. It is disappointing to continue to pay high taxes even after making your 80C investments and other savings. But you can still save on taxes and receive a refund from the income tax department in such cases.
1. Claim HRA Exemption in your Return
  • Forgot to submit a certificate to your employer in time? Do not worry! If you rent and have made rent payments, you may require a deduction for rent because your application is sent.
  • All you need is your rental cost and your PAN landlord (where payments are more than Rs 1,00,000 a year). Here is the HRA calculator that you can use to find out how much HRA will be exempt from tax. This calculator is built into clear taxes under a wage agreement. Exempt from HRA is calculated and deducted from taxable salary.
Want to claim HRA benefit and save tax?
An expert can recalculate your taxes and help you claim an HRA benefit.
2. Claim deduction under section 80C without investment
  • In section 80C, Rs 1,50,000 can be reduced from taxable income. You can view the full list of deductions allowed under section 80C here.
  • If you were unable to provide information about your 80C deduction to your employer in a timely manner, you can claim it in your income tax return. You can claim a resume, even if it does not appear on Form 16, because you can not access your employer. Or you could have made those investments after the employer’s last date to submit evidence (but you make investments for a deduction before 31 March of the financial year).
3. Require these deductions under section 80C without further investment
  • Your share of PF Contribution
  •  Children’s Tuition Fee Payment
  •  Principal Repayments on Loan for purchase of House Property
  •  Stamp duty & registration fees and other expenses
  • Life Insurance premium paid
  • Bills for preventive health check-ups
4. Can not claim LTA & Medical refund in your backend
Sorry, you can not claim the LTA exception on your arrival. You can retrieve accounts for the journey against LTA with the employer. You may require LTA twice in four years. The current block is 2018-2021. The last block was from 2014-2017. You can submit non-indexed LTA to next year. Thus, you can ask the employer to deduct tax on it and allow you to claim it next year. There is no way to claim this amount if you have missed submitting an invoice to your employer. Your employer will deduct tax and pay you a refund amount for which you have not submitted an account.
Note:  FY 2018-19 continued, there was no need to preserve and deliver medical commitments to employers as the 2018 budget has replaced reimbursement and transit insurance units with a standard deduction of Rs 40,000.

5. No collection of proof required by the reverse
Remember, you do not have to submit these Income Tax Reports to Certicom Consultant or to the Income Tax Department. We recommend that you store them safely so that you do not receive income tax notification and the rating representative requires it. You must keep these evidence for 6 years.

Comments

Post a Comment

Popular posts from this blog

What does "GST extra as applicable" mean? | GST Consultant | Certicom

What does “GST extra as applicable” mean? In our country, no one knows as for when the rate of any taxes will get changed and/or a new tax/es will get imposed. Sometimes, to counter the stiff competition, a dealer classify the product being sold under a particular heading taking the benefit of lesser taxes, against the large company classifying the same product under a different head. Therefore in order to safeguard its interest, the dealer quote the price as rate plus applicable taxes at the time of delivery/invoicing. When someone quotes his fees or the price of goods, he may use the words,  GST  extra as may be applicable. This is written in the following cases. If the rate at the time of quotation is not known to the supplier. If the supplier is not registered at the time of giving quotation but over a period of time he might have to register. Hence he clarifies that GST will be over and above the rate that he has quoted. Supplier thinks that GST rates may ch...
Post a Comment
Read more

How GST works in India? | Indirect tax structures | Certicom

GST is a Destination-based tax. GST follows a Multi-Stage collection mechanism. The Goods and Services Tax (GST) will be collected at each stage (from the product manufacturing stage to the delivery to the final consumer) and the tax credit paid in the previous stage is available as a set-off at the next stage of the transaction. This helps eliminate the system of “Indirect tax on taxes”. Indirect tax structures in India can be clearly understood from the following chart: Now GST (Goods and Services Tax) replaces all of these indirect taxes collected by the Central and State Governments. When the Goods and Services Tax is applied, there will be 3 types of applicable Goods and Services Taxes, namely CGST, SGST & IGST. CGST – Central Goods and Services Tax: Revenue will be collected by the central government SGST – State Goods and Services Tax:   R evenue will be collected by the state government for intra-country sales (that is, sales in certain...
Post a Comment
Read more

ITR filing with audit report deadline extended | Oct 31st 2018 | Certicom

ITR filing with audit report deadline extended: CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018 Those with turnover exceeding Rs 1 cr in business or whose gross professional income is over Rs 50 lakh need to get a tax audit done. The government, on Monday, extended a two-week deadline to file an income tax return (ITR) with an audit report for the 2017-18 financial year (AY 2018-19). Such taxpayers now have until October 31 to file their returns. This is a second extension by the Direct Tax Center (CBDT) within two weeks. It previously extended the last date for filing an ITR for taxpayers who were asked to submit their returns along with audit reports from 30 September to 15 October 2018. Taxpayers with a turnover exceeding Rs 1 crore in business (not choosing an alleged taxation scheme) or whose gross professional income is more than Rs 50 lakh needs to get a tax audit done. CBDT extends the filing date for  Income Tax Returns  and Au...
Post a Comment
Read more