What precautions should be taken while filing the return of income?

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..... Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income/ Loss (other than house property loss): a. Losses cannot be carried forward. b. Levy of interest under section 234A . c. Late filing fees under section 234F is levied for return filed after due date. Late filing fee of Rs. 5,000 shall be payable if return .....

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..... deductions is to be claimed, books of account and balance sheet and P L A/c (if applicable), etc. 4) No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/ .....

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