........If you think you don't need to file the tax return because your only source of income is salary and the entire tax has been deducted at source, that is not the case. A tax return is a generally accepted proof of tax compliance for various purposes such as bank account opening, passport renewal, applying for loans, etc. Besides, if you have assets abroad, you will need to file a return. While the penalty for not filing income tax is only Rs 5,000, the failure to do so will result in your being shown as a 'defaulter' in government records, ...............
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