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Form 16 or the salary certificate provides details of the salary income of the employee along with the TDS (Tax deducted at Source) and net paid income. In addition, Form 16 contains deductions provided from salary such as Medical reimbursement, Conveyance allowance, Professional taxes, House rent allowance and others. The Employer deducts tax if the income exceeds minimum exemption limit. Employee should send all the investments details eligible for deductions, to employer deducting TDS. This enables the assessee i.e. you, to claim such benefits. The case is applicable if your estimated salary exceeds the amount not chargeable to tax. The employer while getting “TDS Return – Salary†filed, feeds all the investment details of his employees in the return and thus the employees avail the benefit of such investments. For claiming such deductions, the employee must be cautious to send all the investment details i.e., LIC premium, school fees of his children, contribution to PPF, Investment in bonds, donations etc to his employer deducting TDS before the due date of filing TDS Return. But, in case you skip some of the details of the investments you made  or you didn’t mentioned the details pending receipts or forgot to provide full details of tax investments to your employers which results into extra deduction to taxes by employer. In that situation also, you can still claim the deduction/ exemptions and claim the excess tax deducted as refund, but for that you need to file your return of income and claim all the deductions/ exemptions while filing of IT Return for the relevant financial year. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Request you to please visit Taxmantra.com or mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.
Claim Tax benefits of tax investments, even if not submitted to employers
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Form 16 or the salary certificate provides details of the salary income of the employee along with the TDS (Tax deducted at Source) and net paid income. In addition, Form 16 contains deductions provided from salary such as Medical reimbursement, Conveyance allowance, Professional taxes, House rent allowance and others. The Employer deducts tax if the income exceeds minimum exemption limit. Employee should send all the investments details eligible for deductions, to employer deducting TDS. This enables the assessee i.e. you, to claim such benefits. The case is applicable if your estimated salary exceeds the amount not chargeable to tax. The employer while getting “TDS Return – Salary†filed, feeds all the investment details of his employees in the return and thus the employees avail the benefit of such investments. For claiming such deductions, the employee must be cautious to send all the investment details i.e., LIC premium, school fees of his children, contribution to PPF, Investment in bonds, donations etc to his employer deducting TDS before the due date of filing TDS Return. But, in case you skip some of the details of the investments you made  or you didn’t mentioned the details pending receipts or forgot to provide full details of tax investments to your employers which results into extra deduction to taxes by employer. In that situation also, you can still claim the deduction/ exemptions and claim the excess tax deducted as refund, but for that you need to file your return of income and claim all the deductions/ exemptions while filing of IT Return for the relevant financial year. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Request you to please visit Taxmantra.com or mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.