What happens if an Income Tax Declaration is not submitted?
Not submitting the income tax declaration may lead to a hassle for an employee to claim a deduction when filing an income tax return.
When an employee does not submit an Income Tax Declaration of expenses and investments, the employee's taxable income will increase, i.e., the employer will be deducting higher TDS.
What is the deadline for submitting the Declaration?
The employee needs to submit a Declaration on the date specified by the employer. After submitting the IT Declaration, the employee needs to provide documents proof of the expenses and investments. The due date for submission of document proof is usually between January and February.