Working women should submit these important documents in the office, otherwise more tax may be deducted.

Ronit Kawale
Ronit Kawale - Senior Editor
5 Min Read

The current financial year ends on 31 March. The financial year runs from April to March i.e. a circle from 1st April to 31st March is called a financial year. This is a calendar year other than January 1 to December 31. A financial year is important for the government and companies, which start implementing budgets and plans and do all the accounting keeping this circle in mind. Employed women (and men too) have to submit all the details and required documents related to their income to their company or government for 31 years. If this is not done or there is a delay of even 1 day, your documents and information will be demanded to be submitted before the end of this financial year. You should submit the information related to the relevant financial year to your company as per the prescribed rules in the same financial year so that you can avoid huge deduction in the form of tax from the salary.

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Despite relatively greater awareness regarding tax planning, many times we are not able to submit complete or correct documents at the right time. Due to this, there is a huge cut in salary. Many times, we avoid saving as much tax as we can or due to lack of information, we do not know where and by investing we can take advantage of the exemption provided by the government. A few days are left for the current financial year to end. In such a situation, first of all remember whether you had chosen the new tax regime or the old one in the month of April last year. If you had chosen the old option, then you will have to submit receipts of the entire year's investment and other mentioned expenses in the office. This work has to be done before 31st March.

Avail investment exemption under 80C- If you have paid the premium of any LIC policy in the current financial year or have taken a new policy, health insurance related receipt, if you have deposited money in PPF, then its receipt, money deposited in Sukanya Samriddhi Yojana, home loan and education loan, ELSS related documents. You have to collect receipts of the money deposited in tax saving schemes like etc. And you have to submit it in the office online or offline as per the procedure prescribed in your office. Under Section 80C, you can invest up to Rs 1.5 lakh. By the way, let us tell you that even if you are not able to invest the entire Rs 1.5 lakh, the Employees Provident Fund (EPF) contribution is also counted in it. Receipts of children's tuition fees can also be deposited under this.

Claiming reimbursement- Some companies give allowances to their employers like books, newspapers, driver salary, broadband bill, food coupon allowance, telephone bill etc. You should get the receipts for the purchase of these services and goods in the office on time. If you do not get it done, firstly this will be an extra amount spent from your pocket and secondly, you will not be able to get tax exemption on depositing it. For more such information related to women and personal finance, you can click here.

House Rent Declaration- If you have declared yourself as a hired employee, then you will have to submit the necessary documents related to it on time. You also have to submit receipts, rent agreements and bills etc. related to HRA (House Rent Allowance) by 31st March. Also, the PAN card number of the landlord must be mentioned in the rent agreement. Well, this is a part of the salary given to you by your employer. How much is your HRA? It depends on your total salary, whether the city you are living in is metro or non-metro etc.

Tags: Income tax india, Income tax latest news, New financial year, Women’s Finance

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