Tax Deduction in Salary: Your February and March salary can be cut, chance till March 31


March 31 is near, only one month is left. In such a situation, some people are going to get a shock in the salary of February and March. Actually, if income tax is made on you in the financial year 2022-23, then your company can deduct it from the salary of February and March.

If your salary for February and March also gets deducted, then understand that the company has equalized the tax calculation on the basis of income tax rules. But if you do not come under the income tax net, and yet the tax has been deducted, then what is the option? Today we explain you the easy way. First of all, the employee has to give information about his investment i.e.

Investment Proof and HRA details to his company. Most of the companies ask their employees to submit Investment Proof Submission from the end of January to February. So that it can be submitted to the Income Tax Department after verification.

At the same time, most people in the country take steps to save tax in the last three months i.e. January, February and March. Especially by investing, people try to free themselves from tax liability. If your organization also had the last date for submission of investment proof till February, then what option is left now? You will also have this question in your mind. Now the last date for investment to save tax is March 31, then companies take the details so early, then how can they invest till March 31 and take advantage of income tax exemption.

Actually, according to the Income Tax rules, if you have submitted the Investment Proof for the financial year 2022-23 to your organization where you work, then there is nothing to panic. You can take advantage of tax exemption by investing till March 31. There are very easy ways for this.

Mention the investment till March 31 in ITR

According to the rule, if you want to take advantage of income tax exemption for the financial year 2022-23, then you can take advantage of it by investing till March 31 without worrying. Even if you have submitted investment proof and HRA documents related to income tax where you work. You can avail full exemption by investing till 31st March and filing ITR before 31st July. In which you can submit all investment documents including HRA, which is valid under income tax rules.

That is, being tension free, you can claim life insurance, PPF, NPS and medical insurance by 31st March, filing ITR on the basis of this document by 31st July. Not only this, if your salary is deducted due to tax in the months of February and March, then that amount will also be returned as soon as you claim it. Always consider March 31 as the deadline.

How to save tax money?

By investing under Section 80C of the Income Tax Act, you can deduct up to Rs 1,50,000 from your taxable income. These include amounts such as premium paid for life insurance policies, children’s school tuition fees, PPF, KVP, Sukanya Samriddhi Yojana, principal amount paid under the head of NSC home loan. Apart from this, by investing in NPS, you can get an additional benefit of 50 thousand rupees. Also, by purchasing medical insurance, you can take advantage of tax exemption.