Disclosing wrong income in ITR could land you in jail
Filing a wrong income tax return (ITR) by showing low income and increasing the claims of tax exemptions can land you into some serious trouble. The Income Tax Department has cautioned the salaried employees against doing so.
In a guideline on Wednesday, the income tax department said that salaried taxpayers should avoid adopting illegal methods of raising claims of exemption. In doing so, they may have to face trial. Employer companies will also be asked to take action against such employees. The central processing center of the IT department located in Bangalore, which investigates the ITR, has advised taxpayers not to fall in the wrong advice of tax advisors and chartered accountants. Such tax advisors lure taxpayers to tax relief through wrong claims.
The department said that many such complaints have arisen, in which the complaints of IT consultants were made in the ITR. But under the Income Tax Act, penalties and punishment can be done. It can also cause problems in the refund if the record is poor. In January, the Income Tax Department had busted such a racket, where tax refunds were taken by filling incorrect returns of the employees of tax consultants and IT companies. The CBI is investigating this matter. The Department has made available ITR-1 for the annual income up to Rs 50 lakhs, ie on the easy form e return filing is available on the portal from 17th April. The last date for the ITR is July 31.
The wrong claim will be considered tax evasion
The department said that do not make false claims on the basis of such wrong advice of the employee mediators, as it will be considered as a case of tax evasion. The department says that they have a large automated system to investigate tax evasion, which is used for the processing of ITR (analysis). No employee or officer can manipulate this.
