What happens when you miss your investment proof submission deadline? Read on to find out and how to better prepare against it.
A fortnight ago, Kavita spent a full day running from pillar to post trying to collect some important documents. It was the last day for submitting investment proofs for tax at her office. In her hurry, she forgot all about her Life Insurance policy and is now set to pay dearly for this oversight. Although a TDS refund is in order, the money which otherwise could have been spent on something like a summer holiday will spend the next few months in the account of the Income Tax Department.
Chances are many of you might be in the same worrying situation as Kavita. But all is not lost. While submitting investment proofs on time can save you a lot of trouble, losses accrued on account of missing the deadline are not entirely irreversible.
Read on to know more about what happens when you miss your investment proof submission deadline and how to better prepare against it.
Additional reading: How to Claim Your TDS Refund
What happens when I miss the investment proof submission deadline?
If you miss the last date for submitting your investment proofs or forget to submit a related document, your Form 16 will come loaded with a higher tax figure.
How can I fix this?
You can apply for a refund when filing your Income Tax Return. These days, applying for a refund is less challenging as it can easily be done online, as long as you have all your documents in order. Nevertheless, promise yourself that come this financial year, you will submit your investment proofs on time.
I promise! Now, what documents do I need to claim TDS Refund?
As a salaried individual, all you need is your Form 16 and your PAN card. Sounds convenient, right?
Are there firms to help me with the process?
While you will have to work independently to bundle together all those investment proof documents, there are firms which will do the rest. A number of online and offline firms and a significant number of independent tax experts help individuals and organisations prepare and file tax returns.
How can I prepare myself for the upcoming financial year?
The tax slab for the current assessment year is just a click away, so you can get started on your tax planning even now!
Additional reading: How To File Tax Returns Online
So keep in mind – early preparation for all tax-related work will give you a head start and enough time to avoid that last-minute struggle. Moreover, taking stock of your investments in advance will also help you understand your tax liability.
Psst… nowadays, tax calculation is also an easy task – click here to view our tax calculator.
While we are more than happy to help you piece together this puzzle called TAX, we urge you to start keeping a timely record of all the necessary investment proof documents this coming financial year. Nothing would give us more joy than to see you navigate the world of tax like a pro this year.