It is a common misperception that filing an income tax return is entirely voluntary. This erroneous belief can get people in trouble because submitting income tax is not only a moral and social obligation, but also a legal one for anyone earning more than a certain amount. Under section 234A of the Income Tax Act, failure to file an income tax return can result in a penalty for concealment of income ranging from 100 percent to 300 percent.
There’s a lower possibility of making a mistake when it comes to filing.
Income tax return filing necessitates thorough attention, as taxpayers must carefully examine their tax statements, interest income certificates, and other papers, declare all sources of income, and verify that all Tax Saving investments are declared in the year. Income tax return filing necessitates thorough attention, as taxpayers must carefully examine their tax statements, interest income certificates, and other papers, declare all sources of income, and verify that all Tax Saving investments are declared in the year.
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