How to do Investment Declaration? || Income Tax Declaration || HR Tutorials India || TDS Declaration

How to do Investment Declaration? || Income Tax Declaration || HR Tutorials India || How to Fill TDS Declaration Form? || TDS Declaration Form. Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.
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What is Investment Declaration Form?
At the beginning of the financial year, you have to just make an estimate of the investments that you intend to make. You don’t need to submit actual proofs until the end of the financial year. You can actually invest less or more. The eventual investments don’t have to be exactly as declared.
An investment declaration form is a provisional statement that has details about your proposed investments and expenses that are income-tax deductible. At the end of the financial year, you need to provide supporting investment proofs for these investments that you have specified in the declaration form.
Employers ask for this information because they want to calculate your final taxable income (after deducting the tax saved through Section 80C investments, house rent allowance, home loan & medical bills). Based on this information, they can cut a constant amount of TDS (tax deducted at source) every month.
To calculate TDS, your employer considers the declared investments & expenses that are either tax-exempted or eligible for tax deductions under the Income Tax Act. You need to submit both IT investment declaration form and investment proofs to your employer. If you do not submit the required investment proofs at the end of the financial year, either because you have actually not invested the money as required, or even though you had invested, you could not upload or submit the proofs to your employer, your employer will recalculate tax liability and will adjust the additional tax in the remaining months.
Still, if you missed submitting your investment declaration form altogether, you can still file your IT returns with the government before the 31 July deadline. You can declare your investments in your ITR & claim a refund for the extra tax deducted. However, this will involve a wait for some months for you to be able to get the excess tax deducted back in your bank account. Also, IT refunds are only processed once you file your ITR.
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#WhatIsHR?
How To Do Investment Declaration?
Income Tax Declaration
HR Tutorials India
How to Fill Investment Declaration Form?
TDS Declaration Form
What is Investment Declaration?
What is Investment Declaration Form?
What is TDS Declaration?
What is TDS Declaration Form?
How to Fill Investment Declaration Form 2024-25?
How to Fill Investment Proof Submission Form?
How to Fill Investment Proof?
How to Fill up Investment Declaration Form?
How to Save Maximum Income Tax?
How to Save Maximum Income Tax 2024-25?
Tax Exemptions
Limitations on Salary
How to Exempt from Tax?
How to Exempt from Taxes?
Tax Exemptions on Salary
Income Tax Proof Submission
How to Submit Income Tax Proofs?
What are the Tax Exemptions on Salary?
Income Tax Savings Declaration Form
How to Fill Income Tax Savings Declaration Form?
How to Save Income Tax?
How to Claim Tax Benefit?
Tax Declaration to Employers
What is HR?
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[@ksp1975]

Sir can you please let me know how we can start our own consultancy for payroll

[@BalaSwaminathan]

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