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Why its important to provide Investment proof

Why it’s important to provide investment proof?

In order to determine the authenticity  appropriateness of the investment based deductions and reliefs to be claimed by the employee, the employee is required to furnish relevant documents and all necessary information about the investments. Investment proof is the actual proofs employees must submit where they must declare the investments made by them for tax computation as per Income Tax Act,1961. These proofs are only required by the employers as they deduct TDS and serve as the third party validating the claims made by the employees. It is therefore advisable to submit true and exact information about the investments made by the employees.

What are few common mistakes employees makes while submitting proofs or few important things to keep in mind while submitting proofs?

Few important things to keep in mind

What happens if you fail to provide the proofs on time?

If a taxpayer fails to make these declarations till prescribed time, the following consequences may follow: –

  • In case proof of investment based deductions are not submitted, the taxpayer may end up paying higher tax.
  • Further, non-filing of documents on time will push the employer to subtract the income tax. However, at the time of filing tax returns, the taxpayer may still claim the tax refund in case he made tax saving investments later.

I.P. Pasricha & Co, CA firm in Delhi, with over 50 years of experience, is dedicated to helping businesses succeed. Our services are tailored to meet the needs of each individual client. We provide a wide range of services, including audit and assurance, tax and regulatory, business advisory, business support services, etc. Our team of experienced professionals is committed to providing the best advice and solutions for our clients. We understand the importance of timely and accurate information, and strive to ensure that our clients receive the highest quality service. If you are looking for a reliable and experienced  CA firm in Delhi , please do not hesitate to contact us. We are here to help you reach your goals and achieve success.

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