What should you know about Tax Planning and Filing of Returns?
- A robust Tax Planning is a mix of various investment and budgeting strategies through which you can save your taxes.
- The government requires anyone earning a certain annual income to file a tax return by a specific deadline. Individuals must pay the tax that has been determined. The Income Tax Department will sanction you if you don’t pay your taxes.
- Do not wait till the end of the financial year to make your tax saving investments.
- Never hide any financial incomes or assets from your Chartered Accountant.
- Pay advance taxes to avoid higher tax burden in the next financial year.
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