Why It is Important to Show Exempt Income in Income Tax Return

TAX

Income tax return (ITR) should be filed with utmost care, but people make some common mistakes during the process, which may have consequences. One common mistake is the failure to disclose tax-exempted income in ITR.

To understand its implications, let us first understand what are the common exempt incomes that you might knowingly or unknowingly miss out on disclosing in the tax forms.

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