If you are a salaried employee, by now you would have already received multiple reminders from your employer to submit your tax saving investment proofs. While some of us submit these proofs on time, most of us tend to postpone it repeatedly, and then end up missing the investment proof submission deadline.
As a result, your tax saving deductions will not reflect in your Form 16. Now, paying hefty taxes even after investing in tax-saving instruments can be very disappointing. However, you do not need to stress over this as you can still claim a tax refund directly from the Income Tax Department in such cases.
You can claim the tax deductions and exemptions at the time of e-filing your income tax returns. Let's take a look at these deductions and exemptions that you can claim directly even if you have missed the deadline for income tax proof document submission of your employer:
House Rent Allowance (HRA)
If you have made rent payments during the year, you can claim a tax deduction on House Rent Allowance (HRA) while filing your tax returns. All you will need is your rent receipts and your landlord's PAN details (where the rent payments are over ₹1,00,000 per annum). The exempted amount will then be reduced from your taxable income.
Deductions Under Section 80C
Section 80C of the Income Tax Act allows you to claim deductions of up to ₹1,50,000 from your taxable income. So, if you have made tax-saving investments like PPF, life insurance, ELSS funds, NSC, tax-saving FDs, home loan EMIs, etc. that are eligible for deductions under Section 80C, you can easily claim these by submitting the relevant proofs while filing your IT returns.
Also Read: Equity Linked Saving Scheme (ELSS): How To Choose A Tax Saving Mutual Fund?
What Will You Lose If You Miss The Investment Proof Submission Deadline?
If you miss out on the deadline for income tax investment proof submission, you may lose out on some exemptions like Leave Travel Allowance (LTA) and medical reimbursements. These exemptions can only be provided by your employer and cannot be claimed during the e-filing of your IT returns.
You can claim the tax benefit under LTA for yourself and your family, provided the travel destination is in India. The LTA can be claimed twice in a block of four consecutive calendar years and any unclaimed LTA can be carried forward to the next year. So, if you have missed the income tax investment proof submission deadline, you can request your employer to allow you to claim your LTA in the next year. However, you must note that you can claim this amount only after submitting the valid bills to your employer.
Moreover, you will be eligible to claim a reimbursement of medical bills if you successfully submit the required documents to your employer. In case you fail to do so, your employer will deduct the TDS from your salary without considering the medical bills, and you will not be able to claim this amount while filing your tax returns.
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