Important IT Savings Documents Needed to Submit for the Financial Year 2021-22

A collection of tax savings documents is released by the Ministry of Defence under the Controller of Defence Accounts, Guwahati, that are required to be produced for the Financial Year 2021-22. Many might not know the documents they need to submit.

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In this article, we will discuss the collection of IT savings documents you will need.

In order to assess and regularise income tax for the Financial Year 2021-22 (Assessment Year 2022-23), all the officers and staff are required to submit a few documents. The list of documents that needs to be submitted is released by the Ministry of Defence under the Controller of Defence Accounts. Apart from understanding the income tax slab rates, it is also important to know about these documents.

Here is the list of documents-

  • Proof of savings/documents, such as NSC, housing loan certificate received from bank, house owner’s PAN card copy, insurance premium receipt, rent receipt, etc. must be submitted as per Annexure I and IL.
  • Officers and staff who want to claim income tax exemption under IT Act 1961 and under Section 197 should forward the Exemption Certificate for FY 2021-22 from the Income Tax department at the earliest. If a person fails to do that, then the total tax payable can be deducted at source. He/she can claim a tax refund from the income tax department. The exemption will be limited to the salary amount and exemption period mentioned in the IT exemption certificate as received from the IT department. Amount that is above the amount listed in the certificate and any salary received before or after the mentioned period will be used for a tax deduction.
  • The employees who had produced ‘Self Declaration’ earlier need to submit proof of savings/documents along with Annexure I and Annexure II. If a person fails to submit proof, then the ‘Self Declaration’ will be considered null and void. Based on that, tax deduction at source can be done.Visit here  : onlinewebworld24

Thus, it is necessary for taxpayers to submit these duly filled documents on or before 15 December 2021 to enable the ODO to authorise the income tax deduction at source for the present fiscal year. If any receipts are missing from the documents, then the income tax will be deducted according to the information available. In case of a refund, if any, can be claimed from the income tax department.

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