ITR Filing: To save income tax, many people show smartness and show fake deductions or exemptions. When the income tax department comes to know about it, it sends a notice. And whoever gets caught in such a case runs after the CA to save himself. In many cases, even the CA starts thinking what to do to save the other person. Many times, the CA himself commits such frauds and after the notice, he finds ways to save himself. Let us know what kind of frauds people commit.
Add informalnewz.com as a Preferred Source
1- Fake rent receipt
The Income Tax Department has caught many such ITRs in the last few years in which fake rent receipts were submitted. People submit fake rent receipts to avail the benefit of HRA. Sometimes some CAs themselves used to advise to do this, but now the Income Tax Department has become strict.
2- Fake PAN details
It has also been observed by the Income Tax that many people have misused the HRA by entering the same PAN or have entered the wrong PAN. Regarding this, the Income Tax Department had taken strict action against some taxpayers last year.
3- Fake medical bills
The Income Tax Department has found many people who have obtained deductions under 80D by submitting fake medical bills.
4- Fake receipts of investments
The Income Tax Department has caught many such people who used fake receipts of investors to take advantage of deduction under 80C. For example, they tried to take deduction by claiming to have invested money in fake insurance or investment schemes.
5- Misuse of donation deduction too
The Income Tax Department found that many people have also misused the tax exemption on donations under 80G.
Add informalnewz.com as a Preferred Source
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
