From many years, tax paying population in India was too low as compared to other emerging economies. Present government has taken many initiatives to bring many people under the tax net. Below are the some of the advantages of timely tax filing:
After government’s drive against black money and continuous focus on regularising taxation system, this question arises in many people’s mind. Here are few of the penal consequences:
Generally for the salaried individuals Form-16 is enough. However, below documents are required to maximize the deductions and accuracy.
to refer the interest earned by you on your FDs/RDs/Saving Bank Accounts etc.
To include taxes that are already paid to the IT Department.
to include deductions.
Possibly from Bank and/or Post Office.
for refund and disclosure purpose.
to declare any losses and other information.
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