look news india
Income tax department: If you also work and are engaged in different tricks to save tax every year, then now you need to be careful. Such people are being identified by the Income Tax Department and notices are being sent to them. Most of the attention is on those people who are claiming their House Rent Allowance i.e. HRA fraudulently. Tax collection notices are being given to such people. Today we are going to tell you that if you also get such a notice, then how should you be prepared and which documents should you keep safely.
People save tax through fake methods
Many people do not live on rent, but claim HRA in their office or while filing ITR to save tax. Many people also take HRA by using fake PAN card. At the same time, there are some people who are pretending that they give money for the living of their parents. That means the house is in the father's name and he gives him money in some form or the other every month. Whereas nothing like this happens. This is the reason why action is now being taken by the Income Tax Department.
How much will be the loss?
Now let us tell you how big a loss you can suffer if you do this. If you are caught making a fake HRA claim, not only will it be recovered from you, but you may also have to pay full interest and a penalty of up to 300%.
Keep this document safe
If you want to avoid this loss then always keep some documents with you and keep some things in mind. Keep your rent agreement and monthly rent receipt safe. Apart from this, if you are paying rent or money to your parents, then keep proof of this with you. By doing this no one will be able to harass you and you will be able to reply to the notice with proof.