Fake Deductions Claim by Salaried Person #shorts

Salaried Person Claiming Fake Exemptions/Deductions : Reasons & Consequences 🤯
🔵 MOST COMMON SECTIONS = LTA, HRA, Sec. 10(14)(i)/(ii), Section 80C, 80D, 80CCD, 80DD, 80DDB, 80E, 80G, etc.
🔵 REASON = For Claiming Excess Refund OR Reducing Tax Liability Incorrectly.
🔵 How it is done? = Fake Claims are made under various Sections Randomly without any Proof.
🔵 CONSEQUENCES =

(1). 133(6) Notice For Evidence Productions might be issued

(2). 143(2) Notice for Scrutiny might be issued

(3) 147 Notice for Under Reporting/ Mis-reporting of Income.

(4). 200% Penalty might be imposed u/s 270 A.

(5) PAN No. Flagged by Dept for future Years as well.
🔵How to Avoid this?

(i) file the ITR as Per your Actual data only.

(ii) If there is any mistake, then file Revised Return u/s 139(5)

(iii) If time limit for filing revised return is over, then File Updated Return u/s 139(8A).

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#income #incometax #tax #finance #notice #money

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