The due date for filing income tax return is 31st July which is round the corner and it is essential for everyone to file their income tax returns on time to avoid any penalty.Before filing your income tax return do not forget to claim benefits on your reimbursements.
To claim the benefits on reimbursements and deductions, you need to submit the tax proof to your employer.If you fail to do this within a deadline then you won’t be able to claim this benefits and our employer deducts tax which results in an extra deduction of tax from your salary.
If you have not submitted the tax proof to the employer due to any reason then you can still claim this deduction while filing your income tax returns.
We will discuss some allowances and reimbursement that you can claim while filing IT return:
HRA(House Rent Allowance):
If you live on rent and paid rent then you can claim the deduction on house rent allowance(HRA) while filing your IT return.
Repayment of home loan:
You can claim the benefit of both interest and principal repayment in your tax return on the fulfillment of certain conditions even if you missed it in form 16.
Section 80 Deductions:
You can claim a deduction of Rs.1,50,000 from your total income under section 80C.If you forgot to submit the proof of your investment to your employer then still you can claim this deduction while e-filing income tax returns.
List of Section 80 Deduction:
Public Provident Fund
ELSS(Equity Linked Savings Scheme)
Life and health Insurance Premium
NSC(National Saving Certificate)
Donation to charitable institutions
There is no way to claim the medical/telephone reimbursements amount if you have missed submitting bills to your employer.Your employer will deduct tax on it.
Income tax forms are electronic which means you don’t have to attach any document while filing income tax return.This will be safe that you should keep the documents in case of any requirement in future.