ITR Filing 2024: The Income Tax Department has asked return filers not to make fake claims for expenses and not to understate their income.
The Income Tax Department is constantly sending reminders to taxpayers to file returns. So far more than 5 crore returns have been filed. Meanwhile, the department has asked those filing returns not to make fake claims for expenses and not to understate their income.
The department said that making exaggerated and fraudulent claims is a punishable offence and leads to delay in issuing refunds. The last date for filing ITR for assessment year 2024-25 for all taxpayers is July 31, after which the accounts will not be audited.
More than 5 crore ITRs have been filed so far
According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than 5 crore ITRs have been filed till July 26.
Filing ITR correctly speeds up the refund process
The Income Tax Department recently said that taxpayers should file their returns correctly to get timely refunds. The department said, “Refund claims are subject to verification, which may cause delays. Filing ITR correctly speeds up the refund process. In case of any discrepancy in the claims made, a request for a revised return will be made.”
Avoid making false claims
The Income Tax Department has urged taxpayers filing ITR not to claim wrong TDS amounts, under-report their income or exaggerate deductions.
