The financial year of 2022-23 will get closed on 31st March 2023.The income tax of all eligible employees as well as pensioners is being calculated and assessed by concerned detuctors . While being in the banking sector for a decade now, I have observed that a reasonable section of taxpayers are not fully aware about pros and cons of income tax assessment. In addition to employees, non-employees are also lagging behind in income tax awareness. It is the bounden responsibility of all the deductors to aware the taxpayers about different facets of income tax calculations. Tax payers irrespective of their profession should also come forward in order to get benefits of all their investments, which are counted in tax deductions.
Firstly, the deductors must deliver their responsibilities in a professional manner. Whenever the time for tax deduction comes, you should realize the gravity of the situation. Your small mistake can lead to great financial loss to tax payers. You should have comprehensive data at your disposal of all your eligible employees. The eligible employees should be intimated about their gross annual income & subsequent tax liability. They should be informed well in advance. It is not our favor to them but our professional responsibilities. We should fully aware them about deductions under different sections like 80C, 80G, 80DD, 80DDB etc, so that they will submit relevant certificates on time. Most of these employees do have life insurance policies, medical insurance policies, Housing loans etc, which can save their hard-earned money. Special attention should be paid to income tax assessment of eligible pensioners on the part of concerned banks. Senior citizens should be consulted well on time with a patient hearing. Income tax assessment should be done in both old & new tax regimes. We should always try to plug the communication gap with the taxpayers. In addition to employees, non-employees also need to be sensitized about income tax.Their are relevant legal provisions like 15g & 15h, which can save tax deducted on your term deposits. Any individual whose annual income does not come under tax can submit 15g or 15h for his/her term deposits. 15g is applicable for individuals under 60 years & 15h is applicable for senior citizens. But unfortunately in our valley, common masses are not aware about these legal provisions due to lack of knowledge. Bankers have the moral obligation to take the lead in this regard.
Secondly, the tax payers also can not absolve them of their responsibilities. They should come forward in order to understand undercurrents of income tax deduction. You can easily get your income tax refunded in case of any discrepancy even after its deduction. Simply you need to file income tax return(ITR) well on time. If your income tax has been deducted without taking your deductions into consideration, you can easily show them later by filing ITR. The filing of income tax return takes all your income as well as your deductions into account. You can easily get refund of your tax, if it has been deducted by excess amount. Income tax department should also employ it's available resources in order to launch mass awareness programmes in this respect. Print & electronic media should be vigorously used in order to sensitise common masses about PAN, provisions like 15g/15h, ITR etc. Their is still a vast majority of masses, who do not know the importance of PAN number. Double TDS is deducted on term deposits without PAN card.
Last but not the least, paying of income tax is our legal obligation. We have to abide by the law of the land. We have to save our income tax through genuine & legal provisions. Any unlawful act is not only counterproductive in legal terms, but equally a moral crime. Let us hope that everyone of us will deliver utmost care & caution with respect to income tax assessment.

Email:---------mohsinattiq2015@gmail.com