Major Statutes and Conformity Provisions
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.

6. Major Statutes and Conformity Provisions
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.