The company gives you the chance to submit the investment proofs, so that they can deduct your TDS accordingly ( i.e. after considering the claims the TDS will get reduced).
If you miss that chance then the TDS gets deducted at higher rate. Although you can claim your investment proofs at the time of filing your return, and claim refund of the tax which you paid excess earlier.
In a nutshell the company gives you a chance to get lower TDS deducted, so no need to wait for refund. Else you can claim the same with the income tax department and get the refund post processing your refund.
Taxes are less of a hassle for most of the salaried taxpayers. They generally do not worry about paying taxes through the year as their taxes are deducted and submitted by their employers. Similarly, saving taxes is also easier for them as they can inform their employer about their planned tax saving expenses and investments at the beginning of https://kijiji.onl/ the Financial Year. At the end of the Financial Year, they can submit investment proofs along with Form 12BB https://quizlet.onl/ which is an investment declaration form for salaried taxpayers. https://rightmove.onl/ In this guide, we will talk about Form 12BB in detail.