Disallow of fake and bogus Deduction claim In (ITR) Income Tax Return by Income tax Department
Disallow of fake and bogus Deduction In (ITR) Income Tax Return by Income tax Department salaried employees file their returns in ITR-1 online either personally or through some tax practitioners. In order to ease the compliance for tax payers, the…
Disallow of fake and bogus Deduction In (ITR) Income Tax Return by Income tax Department
salaried employees file their returns in ITR-1 online either personally or through some tax practitioners. In order to ease the compliance for tax payers, the Income Tax Department does not ask them to upload documents evidencing the deductions under various Sections of the Act as the department trusts the taxpayers. The Central Processing Unit (CPU) processes the returns of income and issue refunds without asking any questions/details.
However, the data of every individual tax payer is analyzed by the Director General of Income Tax (Systems) and later on the cases of fraudulent claims/bogus refunds are selected for scrutiny. And in that eventuality, the taxpayer has to pay heavy price for the breach of trust done by him by making fraudulent claims of deductions under the IT Act.
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This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you’re suggested to seek the advice of your financial, legal, chartered accountant, tax professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
