I work in an IT company in India. I get my monthly salary after monthly tax deduction as per TDS law. The tax filing deadline as per Indian government is 31st July, but my company has a deadline for submitting investment proofs much before it say 15th Dec. Why have they imposed this artificial deadline? Say, I didn't give them any investment proofs then they would withhold more tax?. If say I want to file my own tax before 31st July deadline with proofs of investment claiming tax refund, can I do it? In this case, I would need to ask form 16 from company, right?
So as per Indian tax government laws, if I am a salaried employee, can I file my own taxes and opt out of filing by company or I have to get it compulsorily filed it by company (which is source of income) and declare all my investments to them?
Or is it just that company has to withhold some tax from my income as they give me salary and not necessarily have to file my tax. In such case, I can take form 16 from company and file my own tax? In this case government will have many correspondences from various sources about the same pan number. The company telling them how much tax they deducted at source, the individual telling them how much tax its employer paid (through form 16) and telling them his/her investment and then claiming for either balance return or paying more taxes (if he has more income than his salaried income from employer say from property income etc). Doesn't the government prefer to have a single correspondence with a single entity about tax on a particular pan number? What if I earn salary from more than one employer say one full-time job and other is part-time job or say one is a regular job another is acting/modeling assignment? In such cases government will have many correspondences from many places on a single pan no. Isn't this unwieldy from government point of view?
What is the difference between filing for income tax payment and filing for income tax return?