tax calculation

Dear Sir, Iam a govt employee in AP. Our employers asking us to submit the IT particalars with salary details alongwith the salary bills of February to be submitted on or before 20th Februry. But, we have to pay LIC premiums in March-2012 also which are to be calculated in 2011-12 fin year. for this, receipts cannot be generated in feb. How to show this in our IT details in February? ...S N Chary.

asked Jan 28 '12 at 16:00 by simmams 111


Most of the employer have such deadlines for proof submissions. However if your premium due date is after last date of proof submission, you may give a declaration to employer that you will be paying this amount as premium before 31st March. Even last year premium payment can also act as a proof.

Still if you are unable to do same, you can claim refund for extra amount tax deducted in income tax return and declare insurance premium under 80-C.

answered Jan 29 '12 at 20:11 by pankaj 5.2k320

link

Most companies accept declarations and dont require the actual proof.... you just need to give a declaration regarding the amount of investment you would be making in which instrument..

answered Feb 02 '12 at 02:22 by CA Karan Batra 53216

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Asked: Jan 28 '12 at 16:00

Seen: 969 times

Last updated: Feb 02 '12 at 02:22