![]() ![]() Latest update: If you opt for the New Tax Regime then you can not claim popular income tax deductions under sections like 80c, 80d etc., For more details, click here. So, the verification of investment proofs will be more stringent by the employers. The Income Tax Department has also issued a circular and made it very clear to all the employers to verify the genuineness of each claim made by the employee. ![]() You need to submit both IT investment declaration and Investment proofs (documents)to your employer (IPSF – Investment Proof Submission Form). If you do not submit the required investment proofs at the year end, your employer will then be forced to deduct complete tax without considering your provisional investments (IT Declaration). To calculate TDS, your employer considers the declared investments and expenses that are either Tax Exempted (or)eligible for tax deductions under Income Tax Act. (Generally most of the employers ask for investment proofs during Jan to Feb)īased on your proposed investments and expenses, your employer deducts TDS ( Tax Deduction at Source, if any) from your monthly salary and deposits it to the government account. At the financial year end, you need to provide supporting Investment Proofs for these investments that you have specified in IT declaration.
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