Simplifying Tax for C.A's and Taxpayers
Missed your income tax proof submission deadline..Still you can save tax

Missed your income tax proof submission deadline..Still you can save tax

Many of us, due to work pressure or for other reason, forget to submit proofs for investment made for tax purposes or for claiming deductions or reimbursements to the employer. Even sometimes, we do invest in tax saving investments near the year end which we realize later is generally past the income tax proof submission deadline. Result: Employer deducting higher taxes.

Nevertheless, you can still pull yourself out of this situation and save tax. But how?

Only few of us are aware that there are some exemptions and deductions that can be claimed at the time of filing of return. Let’s have a look:

  • Claim HRA exemption in your return

All salaried employees receive HRA from their employer. An exemption against HRA is available when the employee is living in a rented accommodation and pays rent to the landlord. In case, you missed your deadline to submit rent receipts to your employer, don’t panic. Keep your rent receipts ready and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum)and calculate HRA exempt from tax. While you file the return, consider the gross total income as reported in Form 16 as reduced by the exempted HRA and accordingly taxes will be recomputed. Result would be refund of excess tax deducted by the employer.

  • Claim interest deduction under sec 24B

To claim the total interest paid on your home loan during the year, you have to submit the Loan statement or interest certificate from your banker or home loan provider. In case you skip to do so, claim interest deduction in the return up to the limit specified under Sec 24B based for let out or self-occupied property, based on such statements.

  • Claim deductions under section 80C

If you could not submit details of your investments for Sec 80C deductions due to deadline being missed or late investment near the year end, you can still claim them in the income tax return. Keep the details ready with you and claim them in the return.

Similarly deduction can be claimed under section 80D for health insurance. Even though these do not show up on your Form 16, since you could not inform your employer about them, you can claim these in your tax return. Have the requisite details at the time of filing your return and claim them in the relevant sections.

  • Claim deductions under section 80 even if no investment done

Section 80C of the income tax law allows you deduction up to Rs 1,50,000 from your taxable income. However note that not all the mentioned deductions require investment. Some of them are in nature of expenses or payments that you may have done during the financial year. In case, you can’t exhaust the limit with the investments, they do help you. Claim them in your return. Here are some:

  1. Employee PF contribution

This is the amount which is deducted from your salary on monthly basis as your contribution to Employees’ Provident Fund Scheme. Usually it gets considered in your Form 16.

  • Repayment of principal amount on loan taken for purchase of house property

You are allowed to claim deduction for payments made towards repayment of principal amount of a loan taken for buying or constructing a residential house property.

  • Tuition fees

You can claim deduction for any tuition fees paid by you for the education of your children (maximum 2) under section 80C. The only thing to remember is that payment should be made to any school, college, university or other educational institution situated within India and for the purpose of full time education of your children. It even includes payments for play school, pre nursery and nursery.

You may have already paid the fees during the year, pull out the receipts and add the sum and claim it in your return.

  • Stamp duty and registration fees and brokerage charges

These expenses incurred for purpose of transfer of the property to the taxpayer can be claimed as a deduction.

  1. Preventive health check-ups:

Have a bill for a preventive health check-up and you have still not yet exhausted your deduction limit under section 80D?  Well, you can claim this bill and get a maximum of Rs 5,000 as a deduction. Just remember this is included within the overall limit of Rs 15,000 of Section 80D (Rs 20,000 in case of senior citizens).

  • Education loan interest

Claim interest on education loan under Sec 80 E based on copy of loan certificate reflecting the interest payments.

  • Donation

You can claim deduction under Sec 80G for donation made based on the donation receipt. Typically the receipts issued by the charitable organization you donate do mention the eligibility under Section 80G. Kindly note that you may not be able to claim this deduction for cash donation in excess Rs 10,000 .

To conclude, it is always better to submit proofs on time. In case you do, remember our tips. We hope, you find the article useful. Do post queries, if any.


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