Missed ITR Disclosures: A ₹10 Lakh Fine and Jail Time?
Filing your Income Tax Return (ITR) requires more than just reporting your income and deductions. According to Sujit Bangar, founder of TaxBuddy, overlooking key disclosures can render your return “defective” and lead to significant penalties, including a potential ₹10 lakh fine and imprisonment, especially for non-disclosure of foreign assets. Here are eight critical areas that … Read more