India News Get -BusinessITR 2025; Updated deadline for submitting proof of investment (salaried employee)
If you are an employee and have invested in a tax saving scheme to save tax. Or if you took out a loan for a house, submit proof to your office’s finance department as soon as possible. In fact, most companies nationwide have given their employees until January 15 to submit proof of tax-saving investments.
Why do companies ask for proof? In fact, companies deduct TDS from employees’ salaries every month. The employee indicates to his company, at the start of each financial year, in which programs he is investing or will invest to save tax. Companies therefore deduct tax from their salaries.
In January, companies ask for proof of investment. On this basis, the employee’s tax for the entire financial year is calculated. Then, companies deduct the money from the salary accordingly and deposit it with the income tax department before the end of the financial year, i.e. before March 31.
What will happen if proof is not submitted? If you fail to show proof of a tax-advantaged investment by the company’s deadline and are subject to net income tax, money may be deducted from your salary. This money will be deducted from the salary for January, February and March. So if you don’t want to deduct more than salary, submit proof of tax-advantaged investment before the deadline.
Late tax returns can be filed until January 15. The government has extended the deadline for filing late income tax returns (ITR) from December 31 to January 15. Now, ITR can be filed with late fee till January 15, 2025. If a taxpayer has already filed their ITR but later finds out that it contains errors, they can also now file a revised return till January 15 January.