- Why submit proofs of investments to the employer? Is it important ?
- What happens if employee misses out on the proof submission to employer?
Hope you have got your query answered.
Every declaration that you made in the beginning of the FY is a promise you made to the employer and the IT dept. that you are making investments in the right manner and based on which IT exemptions are sought.
And at the end of the FY it’s your due responsibility to produce bills for the same as a proof of investment declaration that you made.
What happens, if you don’t submit, bills?
Employer will consider that you didn’t make any investment and the TDS will be recomputed and the balance amount will be deducted from your salary.
Is it okay, to not submit bills to employer but produce it with personal CA and claim later?
Yes, but employer will be deducting the tax and remitting it to IT dept. which is his sole responsibility, but later you can file the ITR and get the refund.
Pls provide me with the basics of contribution to PF and Withdrawal of PF by Foreign Nationals working in India as detailed below: