Head Automation & Dev Ops at Thomson Reuters
Bankok169 Restaurant Chain
Director-CR, ICFAI Business School
Vijay Krishna V
Oregon Health & Science University, USA
Anuradha Timbers International
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Past decades have observed low Income Tax filing Compliance, during recent years, Govt of India took stringent measures in enforcing the Income Tax Law by linking various benefits for prompt tax filers. Advantages of tax filing including but not limited to
Well, it's the law, but that wasn't enforced in full force in India until recently. Post, Nov 08th 2016, Gov. of India took serious measures in taking the tax filing compliance to new heights. Dis-advantages of not filing your tax return in time are
While it depends on your sources of Income, for the most it's as simple as your Form-16. Refer below for the list to maximize the deductions and accuracy!
Employers give the salary and other tax data to tax filers to file in bulk. Due to the way they do the business, many times, they do not engage with you in understanding your tax profile correctly, there by losing the benefit of deductions, and exemptions. In addition, mismatches between Form 26AS and your tax deductions (both salary based and other sources of income) causes you to get IT notices. IT notice resolution may cost you dearly and you may end up in paying excess tax for not considering the all the deductions.
EZTax Maximize your Deductions!!