The season to file income tax returns has started. More than one crore taxpayers have filed returns. Experts say that if you have not yet filed a return, then it is important to know some things. The first is not to wait for the last date to file the return. Second, to reduce tax, do not claim fake deductions and claim it. The Income Tax Department is taking strict steps against those who claim fake deductions. On July 14, the department has put raids on those who claim fake deductions in the separate section of the Income Tax Act.
Action on those who help in claiming fake Didson
It is said that the Income Tax Department raids are lying on those who have claimed fake deduction or have helped taxpayers in claiming fake deductions. These include the claim of deduction on fake political donation under Section 80GGC. Many taxpayers had claimed fake deductions on tuition fees and medical insurance. Experts say that if caught in claiming fake donation can cause damage instead of advantages.
Fake deduction claims under section 80 GGC
Section 80 GGC of the Income Tax Act allows taxpayers to claim the deduction on donations to the registered political party or electoral trusts. Sources say that many taxpayers are using fake bills to claim deduction under this section. Some taxpayers are claiming deduction on the donation to unarjigists. Due to this, the government is suffering a major loss of revenue.
Raids killed after identifying 200 cases of fraud
There are taxpayers, accountants and other intermediates on the radar of the Income Tax Department who have prepared fake bills to claim fake deductions or have helped taxpayers doing so in some other way. It is said that the Income Tax Department has conducted raids after identifying 200 such cases. It is said that earlier the Income Tax Department had sent many reminders to these taxpayers. They were asked to file revised returns.
The department said to file revised returns
The Income Tax Department found that several taxpayers did not file revised or updated returns despite instructions. Sources say that the action of the Income Tax Department will continue against the fake deduction claims. Experts say that the department is now using new technology including AI in the processing of ITR. Due to this, cases of fraud are easily caught.