Branch² Intelligence
Income Tax Return Filing: Salary, FD Interest, Freelance Income - Major Sources You Must Report
Key takeaway
Income Tax Department mandates reporting all income sources (salary, FD interest, freelance, rental) in ITR to avoid penalties.
- Step 1Income Tax Department mandates full income disclosure in ITR.
- Step 2SMEs with unreported income (e.g., FD interest, freelance) face scrutiny and penalties.
- Step 3SMEs increase compliance spending (accountants, software) to avoid penalties.
Source: IN:NDTV Profit
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