look news india
Income Tax : Today is 31st July and this is the last date for filing income tax returns for all those people whose income is not audited. All employed people come under its purview. Nearly 6 crore ITRs have been filed before the last date, but in haste or hurry, some taxpayers are doing some dishonesty in an attempt to save tax, against which the Income Tax Department has also issued a warning.
The Income Tax Department has cautioned taxpayers that making false claims in ITR for the purpose of saving tax is not only illegal but also a punishable offence under the law and doing so may not only delay their refund or processing but may also attract fine and imprisonment.
overstatement of expenditure
The Income Tax Department has specifically mentioned three types of fraud that are currently being committed by taxpayers filing ITR. The first of these is – exaggeration of expenses. The department says that some taxpayers exaggerate the amount actually spent on a particular item, so that more tax exemption can be obtained. Many people exaggerate the amount spent on medicines and treatment and submit fake bills to themselves. According to the Income Tax Department, if this is revealed during investigation, the taxpayer may suffer a lot.
Getting a deduction without spending
The second fraud is also similar. Investigations have caught many taxpayers who have claimed to have spent money on a particular item to get tax exemption without spending anything. Trying to claim deduction on money without spending can definitely lead to investigation and the investigation can also delay the taxpayer's refund or the processing of their ITR. Moreover, if the fraud is detected, the taxpayer may have to face serious consequences.
hiding the real income
Some taxpayers have been found trying to hide their actual income in ITR. These people have tried to hide income from sources other than salary, so that they do not have to pay tax on that amount. But whenever this attempt is caught, they will not only have to pay the outstanding tax and penalty, but may also have to go to jail.
So, now keep in mind, the Income Tax Department has clearly stated that making fake claims is not only morally wrong but also a punishable offense by law, which can lead to fines and imprisonment. By the way, processing of income tax returns also takes extra time due to fake claims, which also causes delay in refunds etc.
