As stated by the Income Tax Department, you need to self-assess your earnings and pay your taxes so. The majority of the people today presume that the income tax yield is useless. Therefore, they end up not announcing that the earnings or understate it because it saves a certain level of money. You can choose ASH CPA Accounting & Tax Services to know more about tax filing services.
Knowingly, should you conceal your earnings from the government to lower your liability, you need to face consequences.
Such impacts include paying substantial penalties or supporting the bars. Income earned interest for bank fixed deposits or taking that the cash in money can also be covered under tax evasion.
An individual who conceals income will be charged a penalty and it can be anywhere up to three times the amount of tax evaded. Hence, if your tax evasion is 50,000 INR and if your account is under scrutiny, most likely, you will end up paying anywhere between 50000 INR and 150000 INR.
If you are falling under the tax man's scanner, you will not have peacefulness in your life. Hence, it is valid to comply with the income tax regulations and file your returns without hiding the income.
If you try to save a few bucks, you will end up in a situation where taxmen will keep on chasing you which results from you having sleepless nights.
Even if you are not required, you should file the returns as there are more advantages. Because, it is an important document that has a lot of value.
Pros: If you apply for a loan, insurance policy, VISA to travel abroad, the income tax documents are essential. The income tax document is a proof of your income and other important details such as PAN card, address, and so on. This will ensure quick processing by reducing any sort of problems.