The month of February and March is spent on investing in tax saving avenues to minimize the income tax outgo. While income tax rebate under section 80 C ( see prev. Post – “Income tax deductions under section 80 C “ for details) is fairly common and most people exhaust their Rs 1,00,00/- limit, there are other lesser known income tax sections for tax saving which are not availed of, mainly because of lack of awareness or just by oversight. Let us highlight these-
It is the time of the financial year when salaried people have to submit proof of all their investments qualifying for income tax rebate to their employers for accurate calculation of the tax which has to be deducted at source. Not to worry,even if you have missed the deadline set by your employer, you still have time till 31st March to decide and invest and claim an income tax refund while filing returns in case excess tax has been deducted.