Guidelines for Employees to save Tax
When the financial year near's to end, every employee whose salary falls under the income tax bracket will have to submit investment proof with his employer. Most employees are unclear what proof or documents to submit with his employer to save taxes. To understand more in detail about the various income tax exemption and deduction, click here ...!
When should the employee submit his tax saving proofs to his employer?
Companies usually ask employees to submit the proof in the month of January or February so that employer will get enough time to verify and calculate the employee's tax accurately.
Companies usually ask employees to submit the proof in the month of January or February so that employer will get enough time to verify and calculate the employee's tax accurately.
Those employees who resign from services in mid of the financial year should ensure to submit tax-saving proof to their employer at the time of leaving the job. By following this practice excess deduction of the income tax from the full and final settlement is avoided.
Employees who had already invested in the various tax-saving schemes, like LIC, PPF, ULIP, Pension fund, Housing Loan, ELSS, Mediclaim Insurance, etc would prefer to continue with the 'Old Tax Regime'.
To know more in detailed which income tax regime is suitable for you, then prefer PayHR Income Tax Calculator which will show comparsion of both tax regime. Just enter annual earning along with various tax saving investment planned or available with you and compare Income Tax amount as per both regime.