Disadvantages of Not Filing Income Tax Return (ITR)

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2024-08-26 10:01:44 - Translate -

Filing your Income Tax Return (ITR) is not just a legal obligation but also a crucial step towards financial transparency. Failing to do so can have several disadvantages that can impact your financial health and legal standing. 1. Penalties and Fines The most immediate consequence of not filing your ITR is the imposition of penalties. Under the Income Tax Act, late filing can attract fines...

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