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It is mandatory in a corporate setting to disclose your tax-saving investments to your employer at the start of each fiscal year. The preliminary declaration is an estimate that can be revised throughout the fiscal year. Declaring your investments is critical since it has a beneficial impact on your take-home pay. The accurate verification of these investments, however, must be reported only at the end of the fiscal year. If you provide this statement and your income is taxed, your employer calculates and deducts the applicable income tax (TDS) on a monthly basis.
