Income tax law is not static. The taxpayer must be conscious of all these changes. The most worthy of these provisions include
• Withholding Tax: Tax at source to be deducted by employers and other third parties while making payments as salary, rents, or contractor's fees.
• Advance Tax: Most countries have a provision that if the income of those people is not subjected to TDS, the expectation would be that they pay advance tax when they foresee earning a minimum amount.
• Non-compliance: There can be very huge penalties and interest levied in case of late filling, non-disclosure of income, or tax evasion. Further legal action is also likely to be triggered in case there has been significant non-compliance.
The fact that one remains compliant with the imposed tax serves two aims: first, it keeps the tax authorities from imposing penalties on taxpayers; and, second, it ensures the economic soundness of the nation.