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The Role of Income Tax,
Why Timely Filing Matters

Income tax is a financial charge imposed by the government on the earnings of individuals and businesses, covering income from salaries, business profits, and other financial gains. The revenue collected helps fund public services, infrastructure, and governance. Income tax filing is the annual process of submitting your income, tax payments, deductions, and liabilities—typically via an Income Tax Return (ITR)—to determine whether additional taxes are owed, a refund is due, or if you've complied with tax regulations. Filing on time is not just a legal requirement; it promotes transparency, helps you avoid penalties, claim eligible deductions, and maintain a solid financial record for future needs like loans or investments. Whether you're an individual or a business, being proactive about tax responsibilities is essential for long-term financial stability and legal compliance.

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