Proof Of The Pie: It’s Time Again For Income Tax Filing 

It is around December when organisations, typically, ask employees to submit proofs of their tax-saving investments. Most employees declare their planned investments at the beginning of the financial year. That is also the ideal time to plan one’s investment. But December is when one can actually take stock of one’s investments and fill the gaps, if any, in a timely manner. Says Anita Basrur, partner, direct tax, Sudit K Parekh & Co. LLP: “In case of employment, tax is deductible on total salary after taking into consideration the various allowances and deductions. For this purpose, employees are required to submit declarations at the start of the year. Come December, the employers call for all the proofs in respect of the deductions/claims so as to compute the correct tax liability, as declared at the start of the year/start of employment during the year based on...