Nitin (BE) (83 Points)
12 January 2014Dear Experts,
I am salaried employee and my company has collected investment proof and last date was 10th Jan for the same. Unfortunately i don't have any investment and it will lead to deduct huge amount of tax.
Now the query is:
Is it possible to open Fixed deposit for 5 year and get benefit under 80c even though my company has already collected investment proofs ? Also now where do i need to provide this new Proof of new FD to save tax under 80C ?
Regards
Nitin
Jalpesh Maniyar
(CA Final Student)
(225 Points)
Replied 12 January 2014
To your company no where else u need to give this proofs
Nitin
(BE)
(83 Points)
Replied 12 January 2014
| Originally posted by : Jalpesh Maniyar | ||
 |
To your company no where else u need to give this proofs |  |
This is really bad as we have 3 more months left for this FY and there may be situations where we may invest something during this time. I feel my company will deduct the tax but there should be way to get that some of the money back after filing returns but who should verify it then as my company will not accept any proof.
JAINENDRA JAIN
(ACS/CA)
(1668 Points)
Replied 12 January 2014
Nitin
(BE)
(83 Points)
Replied 12 January 2014
| Originally posted by : JAINENDRA JAIN | ||
|
Invest your money where suits you and include that investment in your return. Any excess tds deducted or tax paid from your total tax liability will be refunded. |
|
Thanks Mr. Jain,
As i will be filing the returns online ...so do i need to send proofs to tax department ? I don't see any option to upload or send proof to IT department !!
Jalpesh Maniyar
(CA Final Student)
(225 Points)
Replied 12 January 2014
no proofs to the department needed to be given just tell ur company that ur 80c investment amount is that much, they cannt deny the fact and they are oblige to take true amount of investment from u for TDS purpose, without ur knowledge they cannt deduct TDS
Nitin
(BE)
(83 Points)
Replied 12 January 2014
| Originally posted by : Jalpesh Maniyar | ||
|
no proofs to the department needed to be given just tell ur company that ur 80c investment amount is that much, they cannt deny the fact and they are oblige to take true amount of investment from u for TDS purpose, without ur knowledge they cannt deduct TDS | |
Thanks a lot Jalpesh,
But as I mentioned i have already submitted proofs and due date to submit proof to company is already over. So now company is not accepting new proof.
So in this situation if i make any new investment during Feb/March company is not going to take any further proofs.
So my query is How to show these new investments to IT Dept. to claim tax refund...
--> As Mr. Jain said above : just declare these new investment while filing returns ?
But i am not sure as while filing returns there will be mismatch between Form-16 given by company and my investments... So I have no clues.
A.Senthil Subramanian
(Tax Consultant)
(1658 Points)
Replied 13 January 2014
Nitin, There is no query of Proof of Investment by the IT Department on the time of filing your IT returns. But ,when you make the Investment (JAN to MAR 2014) maintain the documents with due care. As this, when you prepare your IT Returns you should give the Investment details in the appropriate place without fail and your Bank Account detials should be correct. The retrun should be shown as REFUND OF TAX at the end. Then easily you may get Refund of Excess tax, from the IT Department.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 13 January 2014
Yes, at the time of filing the ur Income tax return, you can show this new investment and can claim the refund from Income tax department. Though this proof no need to show to IT dept. however u have to keep this proof with due care.
AVTAR SINGH
(Expert)
(1873 Points)
Replied 13 January 2014
Nishad
(student)
(52 Points)
Replied 16 January 2014
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