Tax Planning: Your April salary will have arrived in the account and many people’s salary will also be deducted. This happens because many employees do not submit their tax proofs on time and have to bear the brunt of it in the form of deduction of tax. Here we will tell you what things you should keep in mind to avoid this happening and how the money lost will come back.
There is a problem with deduction of tax at the end of the financial year or at the time of starting a new one.
Many times it happens that your entire year tax is not deducted properly and in the last two or three months of the financial year all the tax is deducted together, due to which very less part of the entire salary comes to you. If you have also faced this problem then you must have understood how important it is to do tax planning and through this how you can keep a part of your hard earned money safe for yourself.
how to do tax planning
First of all, it is important that you inform your employer or employer at the beginning of the new financial year that how much you are going to invest in a year and how much money will be invested in different items under the investment limit. Apart from this, it is also very important that before the end of the year or when your employer asks for investment proof, you should provide it properly.
What mistake do salaried class people make?
Salaried classes often make this mistake that they do not submit their investment declaration and investment proof to the employer on time, hence their data is not updated in time and a large part of the salary is deducted as tax.
how to get money back
The biggest solution for this is that when the income tax return window opens, fill the income tax return on time and give proper information about all your investments and FD, RD, accounts etc. will come back.
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