An income tax (IT) declaration is a declaration of your investments to receive the maximum tax benefits. You must declare investments at the beginning of the financial year. If you are a new employee, you can declare your investments at the time of joining. Investments can also be declared at the time of change in salary or investments if the IT declaration window is open.
Income Tax declaration helps your employer to estimate your Income Tax (IT) for the current financial year. This deduction is called Tax Deduction at Source (TDS). To take maximum exemptions from TDS, it is important to declare your future investment plans. You can review your investment plans at any time of the year and modify the values when the declaration window is opened by your employer. Your income tax is calculated based on the declarations and regime you select.
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