MANDI: As the deadline for filing of income tax returns (ITR) for the assessment year 2024-25 approaches, the Himachal Pradesh Branch of the Institute of Chartered Accountants of India (ICAI) has issued an urgent appeal to all taxpayers.
The branch is urging taxpayers to file their returns promptly to avoid the last-minute rush and potential penalties associated with delayed submissions.
In a statement, CA Naresh Vashisht, Chairman of the Himachal Pradesh Branch of ICAI, emphasised the importance of timely and accurate filing.
He highlighted the benefits of engaging Chartered Accountants (CAs) or other qualified professionals like income tax advocates and tax consultants to ensure compliance with the tax regulations.
Beware of fraudulent practices
CA Naresh Vashisht warned taxpayers about fraudulent practices by some so-called professionals. These individuals often promise higher tax refunds by claiming illegal deductions, putting taxpayers at risk of penalties and legal actions.
“Taxpayers need to be cautious of those promising higher refunds, as the Income Tax Department is vigilant and aware of every taxpayer’s transactions,” said Vashisht.
Legal and ethical compliance
Filing accurate and honest tax returns is not only a legal obligation but also a civic duty that contributes to the nation’s economic development. Incorrect or fraudulent filings can lead to severe consequences, including fines and legal prosecution.
Maintaining transparency and accountability in the tax system is essential for national progress.
Economic impact
Accurate tax filings play a critical role in the country’s economic health. Taxes collected are used for infrastructure development, public services, and other essential government functions. By filing accurate returns, taxpayers ensure that the government has the necessary funds to continue these services and support economic growth.
Professional assistance
The ICAI recommends seeking assistance from certified professionals to ensure the accuracy and completeness of tax returns. Chartered Accountants, with their expertise and knowledge of the tax laws, can help taxpayers navigate the complexities of the filing process and avoid common pitfalls.
Message to taxpayers
The Himachal Pradesh Branch of ICAI urges all taxpayers to act responsibly by filing their returns well before the due date. This proactive approach not only helps in avoiding penalties but also contributes to a smoother tax administration process.
As the deadline for ITR filing approaches, the ICAI’s message is clear: timely, accurate, and professional filing of tax returns is crucial. Taxpayers are encouraged to seek professional help to ensure compliance and contribute positively to the nation’s economic progress.
