Missed the Income Tax Proof Submission Deadline? What Now?

byDilip PrasadLast Updated: March 18, 2024

Missing the income tax proof submission deadline can have consequences, such as your employer deducting Tax Deducted at Source (TDS) from your salary. TDS is an amount withheld by your employer and paid to the government as income tax on your behalf. The exact amount of TDS deduction depends on the applicable tax rates and your expected taxable income. If you fail to submit your investment proofs on time, you may face a higher TDS deduction, resulting in a reduced take-home salary.

Missed the Income Tax Proof Submission Deadline? What Now?

Submitting your investment proof before the deadline is crucial to protect your salary from higher TDS deductions. Missing the investment proof submission deadline gives your employer the authority to deduct TDS from your salary, resulting in increased income tax liability and reduced take-home pay. Therefore, you need to make it a priority to submit your investment proof on time.

This article will help you understand the consequences of not submitting investment proof and the entire process of what to do if you miss the deadline for income tax proof submission.

What Happens if You Fail to Submit Investment Proof on Time?

If you don’t submit your investment proof on time, your employer may deduct TDS (Tax Deducted at Source) from your salary at a higher rate. This means that more tax will be taken out of your salary than usual. Which means you’ll end up with lesser in-hand salary. 

Typically, employers give employees until the end of the financial year, which is March 31, to provide all the necessary proofs. From the beginning of the financial year until February, the calculation of TDS is based on the investment declarations made by the employee. However, for March, the TDS calculation is based on the investment proofs that have been submitted and approved by the employer. If you fail to provide these investment proofs, it could result in a higher TDS deduction during March.

What to Do if You Miss the Income Tax Proof Deadline?

Sometimes, it’s possible to miss income tax proof submission deadline due to lack of awareness, change in employment, personal circumstances, administrative errors, and delayed or incorrect notifications. The good news is that you have the option to file for an Income Tax Return (ITR) and claim back any overpaid tax. By filing an ITR and providing the necessary proof, you can potentially receive a refund for the excess tax deducted. So, even if you missed the deadline, you still have the opportunity to rectify the situation and get back any money you may have overpaid.

Proof for Claiming Deductions with Investment Declaration

For a salaried employee, various proofs can be submitted with your investment declaration to claim deductions. These include:

  • Life Insurance Premium Receipts: Provide receipts for the annual premium paid towards life insurance policies, up to the maximum limit allowed under the Income Tax Act.
  • Health Insurance Premium Receipts: Submit receipts for health insurance premiums paid for yourself, your spouse, children, or parents, within the specified limits as per the Income Tax Act.
  • Investment Statements: Include statements and receipts for investments such as ULIPs (Unit Linked Insurance Plans), ELSS (Equity Linked Savings Schemes) mutual funds, PPF (Public Provident Fund), NPS (National Pension Scheme) contributions, and annuity plans, within the prescribed limits.
  • Rent Receipts: If you are claiming House Rent Allowance (HRA), submit monthly rent receipts along with a rent agreement to support your claim.
  • Home Loan Interest Statement: Provide a statement indicating the interest paid on a home loan, which can be claimed as a deduction under specified conditions.
  • Donation Receipts: Submit receipts for donations made to eligible charitable organizations to claim deductions as per the provisions of the Income Tax Act.
  • Tuition Fee Receipts: Include receipts for the payment of tuition fees for your children’s education, which can be claimed as a deduction.

Missing the investment proof submission deadline for income tax can result in the loss of certain exemptions, such as Leave Travel Allowance (LTA) and medical reimbursements. These exemptions can only be provided by your employer and cannot be claimed during the e-filing of your income tax returns. If you miss the deadline, you may request your employer to allow you to claim your LTA in the following year, but you must submit valid bills. Similarly, if you fail to submit the required documents for medical bills reimbursement, your employer will deduct TDS from your salary without considering the medical bills, and you will not be able to claim this amount during tax filing.

How Much Can You Claim in Deductions?

What to Do for Additional Tax Savings?

Investment Proof Submission Last Date for FY 2023-2024 (AY 2024-2025)

The deadline for income tax proof submission for the financial year 2023-2024 is 31st March. However, it’s important to note that the exact deadline may vary from employer to employer. Generally, employers may require you to declare your investment proofs between January and March. It is recommended to check with your employer for the specific deadline and requirements regarding income tax proof submission for the given year.


Can tax proofs be submitted after the deadline?

It may be possible to submit tax proofs after the deadline, depending on the specific guidelines and regulations set by the tax authorities in your country. Late submission may incur penalties or consequences, so it is advisable to consult with a tax professional or refer to official tax authorities’ guidelines to understand the options available to you.

What are the consequences of not submitting tax proofs?

If tax proofs are not submitted before the deadline, you may experience an increase in TDS (Tax Deducted at Source) deductions from your March salary.

What are the penalties for missing the tax declaration?

When tax returns are not filed on time, despite having outstanding taxes, the tax department may impose penal interest of 1% per month from the due date of the tax.

What happens if I miss the deadline for filing my ITR (Income Tax Return)?

If you miss the deadline for filing your Income Tax Return, you can still file a belated return by a specified date. However, you may be required to pay a penalty for late filing. The maximum penalty is typically applicable if you file your ITR after the due date but before the specified deadline.

Is it mandatory to submit tax proofs?

Yes, it is mandatory to submit tax proofs according to the deadline set by your organization. Failure to submit proofs on time may result in increased TDS deductions from your salary. However, there may still be options available to save taxes if you missed the deadline. It is recommended to seek guidance from a tax professional.

Can tax proofs be submitted in March?

The deadline for income tax proof submission for a financial year is generally on or before 31st March. However, the exact deadline may vary depending on your employer. Typically, employers ask for investment proofs to be declared between January and March.

Who is required to submit tax proofs?

Salaried professionals/employees are required to submit investment proofs each year to ensure accurate TDS deductions by their employers. Employers are obligated to deduct TDS annually, and failure to provide the correct investment proofs may result in incorrect tax deductions.

Do companies verify tax proofs?

Yes, companies typically verify the investment proofs provided by employees. The finance and payroll teams collect and verify these proofs to calculate income tax, deduct TDS, and process the remaining salary amount.

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