Hi,
My employer says that they can consider the IT proofs submitted only for the investments that are already done. I have a ULIP policy for which I make a monthly payment. When they asked for the proofs, I had paid the premium till December 09, so they are only considering till December 09. For the next 3 months, I will have to bear the tax. Is this correct? My previous company would consider for the rest of the financial year too.
From India, Bangalore
My employer says that they can consider the IT proofs submitted only for the investments that are already done. I have a ULIP policy for which I make a monthly payment. When they asked for the proofs, I had paid the premium till December 09, so they are only considering till December 09. For the next 3 months, I will have to bear the tax. Is this correct? My previous company would consider for the rest of the financial year too.
From India, Bangalore
Corrected Text:
Correct: Your employer will have to consider the proofs whenever you submit. So keep submitting monthly proofs for January, February, and March so that they get adjusted in respective salaries.
Thanks,
Shailendra
From India, Mumbai
Correct: Your employer will have to consider the proofs whenever you submit. So keep submitting monthly proofs for January, February, and March so that they get adjusted in respective salaries.
Thanks,
Shailendra
From India, Mumbai
But my employer says that I have to submit proofs before the 1st week of Feb. and I can't submit any proofs after that. I will miss out on 2 months of investment. I went through the income tax website but could not find any article. Please help me!!
From India, Bangalore
From India, Bangalore
You have funny accountants. Take up with someone in management. Uncontrolled accountants are at the root of all organisational problems
From India, New Delhi
From India, New Delhi
The tax calculations are always for the financial year i. e. April to March. You can submit your proofs in the month of March and you can get the tax returns if you paid the tax for Jan to March.
From India, Mumbai
From India, Mumbai
There is nothing wrong if they are saying so, but while deducting TDS for the F/Y 2009-10, your company will have to consider all your salary for 12 months and all your investments up to 31st March. Only then can the actual TDS liability be computed and deducted. Actually, they should be somewhat flexible in saying that they will not consider any proofs after Feb 1st; this is wrong. You can submit a declaration, and they can process that.
Thanks
From India, Dehra Dun
Thanks
From India, Dehra Dun
Hi,
It is true that the proof of savings has to be submitted to get the benefits, but the onus of proving lies with the individuals. The stance of your finance/accounts department seems to be arbitrary. You should pursue it further so that they can accept your request, provided you are able to possess and provide all the relevant receipts subsequently.
Regards,
Balamurugan Sivaprakasam
Head of HR
ICIL-MM Nagar
From India, Madras
It is true that the proof of savings has to be submitted to get the benefits, but the onus of proving lies with the individuals. The stance of your finance/accounts department seems to be arbitrary. You should pursue it further so that they can accept your request, provided you are able to possess and provide all the relevant receipts subsequently.
Regards,
Balamurugan Sivaprakasam
Head of HR
ICIL-MM Nagar
From India, Madras
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