Stay Updated on Changes
The first step in staying compliant to the tax laws is to keep a regular track of the latest updates in income tax laws. These changes, which come through Finance Acts [which are presented at the time of the Union Budget] and amendments, can affect things like tax rates, exemptions, and how you file your taxes. To stay on top of these updates, make it a habit to:
- Regularly check the official Income Tax Department website.
- Subscribe to government notifications for timely updates.
Consult a Tax Expert
Tax laws can be confusing, so it’s better to get help from certified tax professionals or chartered accountants.
- These experts can offer advice based on the various latest rules, assist you with tax planning, and ensure you don’t miss any tax exemptions or deductions that you’re eligible for.
- With professional help, you may ensure that your tax filing is accurate and follows the law.
Keep Your Records Organised
Proper record-keeping is essential when it comes to remaining compliant with various tax regulations.
- Keeping track of your income, expenses, investments, and other financial details will make preparing your tax returns much easier.
- Having an organised pool of records is important in case the tax authorities need to review your records or if your accounts are audited.
File Your Returns on Time
Another important part of staying compliant is filing your income tax returns on time.
- The IT Department has set different deadlines for different types of taxes, and missing these guidelines might lead to penalties or extra charges.
- You may use the Income Tax Department’s e-filing portals. The portal provides a simple and efficient way to file your returns.
- For any confusion or discrepancies, you must seek expert opinion from tax professionals or chartered accountants.
Use Technology for Easy Filing
The government has made it easier to manage taxes by introducing technology.
- You may use online tools and apps from the Income Tax Department to file your returns, track your refunds, and check the tax credits.
- These digital resources help you meet the deadlines and stay accurate with the latest tax rules.
Conclusion
Staying compliant with income tax changes in India requires being proactive.
- Stay informed
- Get help from experts
- Keep your records in order
- File your returns on time
- Take advantage of technology
By following these steps, you can meet your responsibilities and contribute to the country’s economic growth.
Contributors:
Kuldeep Sarma – LinkedIn
Poonam Vernekar – LinkedIn
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