Income Tax Proofs

Hi, My employer says that they can consider the IT proofs submitted only for the investments that are areready done. I have a ULIP policy for which i make a monthly payment. when they asked for the proofs, i had paid the premium till dec 09. so they are only considering till dec 09. for the next 3 months i wil have to bear the tax. is this correct? my previous company would consider for the rest of the financial year too.

Correct, your employer will have to consider the proofs whenever you submit. So keep submitting monthly proofs for jan,feb and march so that they get adjusted in respective salaries.
Thanks
Shailendra

but my employer says that i hv to sumit proofs before teh 1st week of feb. and i can't submit any proofs after that. i will miss out on 2 months of investment. i went through the income tax website but could not find any article. please help me!!

You have funny accountants. Take up with someone in management. Uncontrolled accountants are at the root of all organisational problems

The tax calculations are always for the financial year i. e. April to March. You can submit your proofs in the month of March and you can get the tax returns if you paid the tax for Jan to March.

There is nothing wrong if they are saying so, but while deducting TDS for the F/y 2009-10 your company will have to consider all your salary for 12 months and all your investments up-to 31st March, only then the Actual TDS liability can be computed and deducted. Actually they should be some flexible in saying that they will not consider any proofs after Feb 1st, this is wrong........You can submit declaration and they can possess that.
Thanks

Hi,
It is true that the proof of savings has to be submitted to get the benefits, but the onus of prooving lies with the individuals. The stand of your fin/accounts dept seems to be arbitrary. You pursue it further so that they can accept your request, provided you should be able to possess and provide all the relevant receipts subsequently.
Regards
Balamurugan Sivaprakasam
Head-HR
ICIL-MM Nagar