Income tax: Filing ITR is not difficult, but sometimes people are not able to file it on time or make some minor mistakes while filing. If such mistakes are made, there is a chance to correct them. But, if you make a fake claim while filing ITR, then you will be charged a penalty of 200%.
If you want to avoid 200% penalty, keep these things in mind
According to section 139 of the Income Tax Act 1961, if your income comes under the purview of tax, then you are required to file Income Tax Return (ITR). The Income Tax Department has issued ITR forms for filing returns. The last date is 15 September. Earlier the deadline for filing ITR was 31 July.
You will get a chance to correct minor mistakes
Filing ITR is not difficult, but many times people are not able to file it on time or make some minor mistakes while filing. If such mistakes are made, you also get a chance to correct them. But, if you make a fake claim while filing ITR, then you will be charged a penalty of 200%. You may even go to jail.
Income Tax Department changed the rules
The Income Tax Department has made some changes in the rules regarding ITR filing. Those who want to file ITR under the old tax regime will now need to provide more details and documents to get the benefit of different sections. These changes have been made especially in sections 80C, 80D, HRA, 80EE, 80EEB.
What changes have been made regarding Section 80C and 80D?
Under Section 80C, if a taxpayer wants to get tax savings on PPF, EPF, NSC, life insurance, then now they will have to give more details. Taxpayers will have to provide details like receipt number, policy or documentation ID, account details and name of the person making the payment. At the same time, under Section 80D, if a taxpayer wants to claim tax deduction on insurance premium, then they will also have to give more details.
HRA Claim
Under section 10 (13A), if a person claims tax for paying rent, then he also has to provide information. Like where do you work, on which date HRA is received or how much rent is being paid. In this, rent receipt or name of the landlord and PAN number will have to be given.
Documents are also required for claiming in Section 80E
When a home loan or education loan is taken for a child, husband or wife, then this section is used to claim tax saving on the interest of this loan. To claim this, you will have to provide the loan account number, interest payment certificate and the name of the financial institution and the name of the person for whom the loan is taken.
What if I give wrong information?
This time every claim is being cross checked through the AIS system. So keep all the documents ready while filing income tax return. If a fake claim is caught, a penalty of 200% and 12% interest can be levied. Not only this, you can also be jailed.
