As the July 31 deadline for income tax returns nears, timely filing is crucial to avoid penalties and ensure compliance with tax laws. Filing on time allows taxpayers to claim refunds, essential for financial transactions and loan applications. Even if income is below taxable limits, filing a Nil Return is mandatory to maintain records and comply with legal requirements. Under the new tax regime, flexibility allows taxpayers to choose between old and new tax structures based on their benefits.
Deadline Approaching: Importance of Filing Income Tax Returns
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