ITR Filing: The deadline for submission of Income Tax Return i.e. ITR is ending on 31 July. Meanwhile, the department has stepped up efforts to crack down on people who use fake house rent receipts, or fake receipts for donations, etc., to evade tax. The department is engaged in identifying the ITI of such people.
ITR Filing: Only a few days are left for the deadline to submit Income Tax Return ie ITR. Its last date is 31 July. If you haven’t filed your ITR yet, we suggest you file it immediately, else you may have to pay a penalty for filing further returns. While filling the return, also keep in mind that you should not give any wrong information in it to save tax. The Income Tax Department has stepped up efforts to deal with people who use fake house rent receipts, or fake receipts for donations, etc., to evade tax. The department is engaged in identifying the ITIs of such people.
As per the rules, a salaried individual can claim tax exemption of up to ₹1 lakh on account of house rent without disclosing the PAN of his landlord. However, for house rent above this, the PAN of the landlord has to be disclosed and the receipt has to be shown.
Many taxpayers are misusing this provision, due to which the Income Tax Department has now started sending notices to them demanding proof of the same. If evasion is detected, it can issue show cause notices to such taxpayers. After this, when it is found that the person has shown less income to save tax, then the department can impose a penalty of up to 200% of the applicable tax on his income.
The best option to avoid such hassles is to be tax compliant honestly. Get a valid rent agreement done and use online payment. Also mention the PAN of the landlord for payments above Rs 1 lakh.
According to the Income Tax Department, the last date for filing ITR for the assessment year 2023-24 is 31 July 2023. Now only 4 days are left for this deadline to end. In such a situation, the Income Tax Department is appealing to the taxpayers that they should not get into any kind of trouble later, for this it is necessary that they file their income tax return in time.
