Get Tax Benefit without Submitting the Documents


In the previous financial year i.e.2015-16 if you failed to get the tax benefit due to non-filing of investment documents while filing the ITR. An investment document indicates that you have done the investment in financial tools in order to get the tax benefit. But now still you want to get the tax benefit on that investment. Yes you can get the tax rebate on that investment for this you need to file the ITR. By doing this whatever the tax deduction is done from your employer due to non-submitting the investment proof. You can get it back. While filing the return you need to provide full detailed proof of investment done by you in the previous financial year. Once it is filed the income tax department would refund your deducted tax amount.

File ITR in case of the Tax is Deducted:

In case of non-submitting the investment document. Your Organisation is free to do the tax deduction from your income. In that case according to financial expert the person should file the income tax return. By doing this it would help the income tax department to easy process the refund and you would be prevented from excess tax deduction. By doing this the taxpayer would be getting the tax benefit which comes under the HRA and under section 80 C.

Process to get HRA claim tax benefit:

Those employees who live in rented house and he has not submitted the rent proof. In order to get the tax benefit under the HRA. The taxpayer need not have to worry. Any tax payer who has paid more than 1 lac as house rent in any financial year. Can also claim the tax benefit under the HRA. For this the tax payer has to collect and submit the full year rent receipts, PAN card of landlord. These details must be declared while filing the ITR. With this you can deduct some part of the HRA from your total taxable income while file the income tax return. If you don’t know that how much tax benefit you can claim from your HRA. You should take the help of HRA calculator which are available on Google.

Tax benefit under Section 80 C:

Under section 80 C of income tax Act you can get a maximum tax rebate on investment of 1.5 lac in any financial year. If the taxpayer does any investment on or before 31 March and he/she forgot to submit the investment proof while file the ITR. In that he/she can also avail the tax benefit. According to top tax expert if you have not declared the investment proof in Form 16 still you would be getting the tax rebate. This can be done by declaring the details of investment while filing the ITR. But the claim would be issued on certain financial tools and they are listed below.

List of things which come under section 80 C:

List of things which come under section 80 C of the I-T Act are

  1. PPF contribution.
  2. Kids’ education fees.
  3. Payment of principal amount of home loan.
  4. Stamp duty charge for selling the property which is five year old.
  5. LIC premium paid during the year.
  6. NSC purchased during the year.
  7. Tax saving mutual funds.
  8. Tax saving fixed deposits of banks.

It is always advisable to the taxpayer that they should keep the investment proof for at least one year after the filing of ITR. The reason behind this suggestion is that when you file the ITR in next year.T he accessing officer will check the investment proof. Once the officer is satisfied your refund amount would be easily processed.

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