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The provided article offers a concise guide for salaried taxpayers on filing their Income Tax Returns (ITRs). It begins by addressing the specific ITR form that salaried individuals should utilize for filing their returns. This section provides crucial information for taxpayers to ensure they are using the correct form, preventing potential errors and delays in processing their returns.
Next, the article delves into the consequences of filing the ITR after the stipulated deadline of July 31st. This section clearly outlines the potential penalties that may be incurred for late filing, equipping taxpayers with knowledge to prioritize timely submission. The information emphasizes the importance of adhering to the deadline to avoid any financial repercussions.
Finally, the article highlights four key deductions that salaried taxpayers can claim to reduce their overall tax liability. This section is of particular value to individuals seeking to optimize their tax savings. By providing a list of relevant deductions, the article empowers taxpayers to make informed choices about their tax planning and potentially lower their tax burden.
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