I-T Dept warning to salaried taxpayers

I-T Dept warning to salaried taxpayers

8 common inaccuracies every taxpayer should take care of NOW:

Are you a salaried person, but one of those who usually conceals a part of their income from the Income Tax Department in a bid to save tax?

Then you have to be more careful. I-T Department has just warned the salaried class against using illegal means while filing their income tax returns (ITRs).

Such violators will not only be prosecuted, but their employers will also be now asked to take action against them, it has said.

According to a PTI report, the Central Processing Centre (CPC) of the I-T Dept in Bengaluru, which processes ITRs, has advised the salaried class not to fall prey to unscrupulous intermediaries, who help them in preparing false claims in a bid to get income tax benefits.

1. Non-reporting of interest income from savings / fixed deposits account:

2. Fake bills submitted for HRA claims

3. Claiming false 80C deductions.

4. Not considering income derived from all employers

5. Claiming false deduction under chapter VI-A.

6. Making false claims under Section 10

7. Inflating claim of home loan interest.

8. Making false claims on capital gains.

CA Amresh Vashisht
Meerut