Income Tax Return Alert: Don't face salary cut! Get these documents ready fast

Is your salary in the income tax bracket? here's an important information you. This is the high time for you to get your investment documents ready in one place. Soon, your company will ask for investment proof. Some companies have already started doing this. 

Normally, between January and March, companies ask for investment proofs to count the TDS on salary. If you fail to submit the documents, you may suffer some cut in your monthly salary. Why document submission is compulsory

Companies have to give details of the tax saving investments done by employees to the Income Tax Department every year.

For this, the companies ask for investment proof on the investment plan submitted by the staff in June-July.

On the basis of the details submitted by the employees, the company calculates the TDS. 

You need to submit documentary proof of your investments in tax saving instruments like LIC plans, NPS, savings schemes, ELS, PPF etc.

If you stay in a rented house, you will have to submit the rent receipt.

If you have purchased home today, you can submit the home loan payment document. 

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The salaried taxpayers need to submit investment documents of the entire fiscal that started on April 1 last year. 

You can still save some tax in this financial year by investment in schemes like PPF, ELSS, NPS etc till March 31, 2019