Income Tax Department: If you are going to file income tax return for the financial year 2022-23, then you should not repeat some mistakes. Otherwise you may have to pay a heavy fine.
Income Tax Department Notice: The last date for filing income tax return is near. You will have to pay a penalty for filing returns after July 31, 2023. In such a situation, if you have not filed the return yet, then you have only two days. Even if your salary is below five lakhs, you should file the return. However, you should be very careful while filing ITR, because due to some shortcomings, the Income Tax Department can send a notice.
The Income Tax Department is sending notices to salaried individuals seeking proof of tax exemptions and deductions claimed while filing Income Tax Return (ITR). Tax exemption is allowed to be claimed under the Income Tax Act if the taxpayer has opted for the old tax regime. Any taxpayer can claim tax exemption on HRA, travel allowance, interest paid on home loan.
Why notice can be received from Income Tax Department
At the same time, there are some taxpayers who use fake rent receipts or travel bills to claim tax exemption and save income tax. In such a situation, a notice can be received from the IT department. Right now the Income Tax Department is sending notices to such people. These taxpayers belong to the assessment year 2022-23. In such a situation, if you are filing ITR for the current financial year or assessment year, then you should keep some things in mind.
Things to be kept in mind while filing returns
Experts say that if you are filing ITR and going to claim exemption, then you should claim exemption as per your documents. Accordingly tax exemption can be claimed. Also, all these documents should be valid. So that if the Income Tax Department asks for proof of the claimed items, then you can present them.
What if the claim is fake?
Some persons may have made bogus claims while filing ITR. This reduces his taxable income. This will lead to wrong reporting of income. Experts say misreporting income, such as claiming deductions for donations with kickback payments or claiming deductions reserved for individuals with certain disabilities, can lead to penalties of up to 200 percent of the tax evaded.
