Claim Deductions & Save Tax even when you missed income tax proof submission deadline.
Missing the income tax proof submission deadline or delays in planning your tax saving investments make for an unpleasant year end. And if you have missed submitting bills for your reimbursements too – you are worried about the taxes that you could have saved.
There are still ways to save tax and you can even get a refund from the Income Tax Department in case your employer has deducted higher taxes. There are several exemptions and deductions that you can claim at the time of e-filing.
Let’s take a look at these Exemptions & Deductions that you can claim even though you are past the deadline of tax proof submission of your employer:
Claim HRA in your Return: Forgot to submit rent receipts to your employer on time? Don’t worry! If you live on rent and have made rent payments you can claim deduction on House Rent Allowance at the time of filing your return. All you need is your rent receipts and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum).Here is our HRA calculator you can use to find out how much HRA will be exempt from tax. Now re-calculate your total taxable income after adjusting this exemption. Finally calculate your tax dues. An expert can do this calculation for you and help you avail HRA Benefit. You can then claim a refund of excess tax deducted by your employer in your Income Tax Return.