| Many people delay their tax payments and drag it to | | | | tense situations. Random audits can be done if they |
| the deadline date thus increasing the chances of | | | | sense something fishy from your side. If you have |
| making mistakes. You can get in huge trouble by doing | | | | taken right steps at right time then you need not worry |
| so in several cases. Your one minor mistake can result | | | | for such audits. |
| in higher tax pay than you were supposed to pay | | | | A failure to pay income tax within time may result in |
| actually. If you are making late payments there are | | | | "failure to file" penalty and it is better to pay sooner |
| more chances of miscalculations and you may result in | | | | than later. This will negotiate or decrease the penalty |
| losing many schemes offered by the income tax | | | | amount. An un-intentional or intentional failure in filing |
| department. | | | | returns or failing to declare income on your returns |
| Deductions are the major features that many people | | | | may result in administrative or criminal penalties. The |
| forget to make use of. As it is complicated to interpret | | | | tax authority will publish your name under the |
| the various deductions associated, usually people fail to | | | | convicted person list on their website under the income |
| make use of them. A good planner takes his time to | | | | tax act. |
| analyze these benefits earlier. | | | | If somebody fails to file returns within two years, he |
| Many people end up paying unnecessary payments | | | | would not be allowed to do so at all. I-T department |
| like paying refund amount instead of paying their taxes. | | | | can ask for the documents for the last year also in |
| It is therefore highly recommended to make the | | | | such case. Anybody would like to avoid such |
| calculations well before the deadline. People with | | | | scenarios in life so pay taxes on time. |
| wrong dealings get audited and result in higher losses in | | | | |