From what I have seen, the payroll and tax functions are outsourced to specialist firms. They do validate whether the document is correct for the IT exemption, you are claiming. I don't know if they validate the genuineness of the documents but I am aware of a case where an employee, who got thrown out, when it was found that fake medical bills were submitted. This was from the time when they used to allow 15k tax exemption for medical bills.
Help me with saving taxes
- Thread starter sanz1112
- Start date
nRiTeCh
Skilled
Due to this very reason medical exemption was removed.
alekhkhanna
Skilled
No way to save taxes beyond what you've just mentioned. Some CAs will ask you to deposit money in a political party's account and apply for deductions based on invoice. But the ITD is cracking down hard on such practices.
It's a heavy burden, and like me you can abuse the govt every month after seeing the payslip.
It's a heavy burden, and like me you can abuse the govt every month after seeing the payslip.