18/06/2024
To all the persons who are working for salary and filing returns for getting tax refunds by claiming false expenses:
1. Don't deviate the numbers from form 16 of your employer's and file unnecessary deductions which you haven't spent actually. Because of any deviation, you may end up getting a notice from Income tax. This development happened from last two years.
2. Just to get some 20k to 100k refund, you are attracting 200% penalty notice from the Income tax department by declaring wrong details in your ITR.
3. If there is a genuine expenditure which is eligible to claim but you didn't inform the employer in declaration, you can claim in ITR. But ensure when you get a notice, you need to submit an evidence to Department.
4. Now you can't claim 80G by giving a false document or by creating a false document. Because now all the trusts will have to upload your details to Income tax about the donation you have given. If their data and your claim doesn't match, IT department will disallow and also possibility of putting a heavy penalty on you for false claim.
5. Similarly without paying for the insurance, if you claim, there are high chances to get a notice. Even if you haven't submitted to your employer and claimed that can also attract a notice.
6. The person who does your ITR and who might take 10% to 20% on the refund amount won't be having any answer why a notice is received when you actually receive because they will not say it's their mistake. They will say you asked for a refund.
7. If you really wanted a good refund or tax, you should plan early and design your payslip
- By talking to an expert based on your expenditures and checking what and all eligible and can save
- Talking to your employer & designing your CTC components
8. Now there is a new system called AIS and TIS like that of 26AS. But AIS shows almost 50 types of transactions such as credit card payment, cash withdrawals, cash deposit, GST returns, car buying, stock trading info, etc and so, before filing please ensure you have covered AIS information or not.
9. Also pls note AIS is not conclusive as they have started only 3 years back and hence data mining is still happening. Some of your transactions may not show now doesn't mean you should not show. Show all factual and also check AIS once so that you haven't missed any one single information in ITR filing. Since data mining may happen over a period of time some of the transactions suddenly may show in AIS after 2/3 years and the IT department may send notices in next 10 years. So beware.
Happy Filing !!
Don't wait for the last minute, File your Returns well before 31st July,2024!!
