BusinessIncome Tax Declaration To Your Employer: The Changes You Should Be Aware Of
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Income Tax Declaration To Your Employer: The Changes You Should Be Aware Of
Based on the declaration, your employer calculates tax deducted at source
Employer will deduct tax from salary and deposit it with tax authority
Starting April 1, 2017, some income tax laws have changed
Employees need to declare their investment details to employer in the beginning of every financial year.
In the beginning of every fiscal year, employees are asked for details like their investment in ELSS (Equity Linked Savings Schemes), insurance policies, house rent, home loan, education loan etc. by their employer to arrive at the annual tax liability of an employee. This annual exercise also helps you do tax planning for the year. Based on the declaration, your employer calculates TDS or tax deducted at source. The employer will de...