False claim of 80c deduction check
This query is : Resolved
23 September 2016
Hi,
I have seen that many persons claim deduction u/s 80C without actuall investment. So my question is how department is tracking these things or is this a loophole in the tax department that can be used for tax savings??
I have seen that many persons claim deduction u/s 80C without actuall investment. So my question is how department is tracking these things or is this a loophole in the tax department that can be used for tax savings??
23 September 2016
There is a difference between tax planning and tax evasion. Sadly, what you are referring is true. But it should not be deemed that it is a loophole or tax department can never catch you. Our system is of self assessment. Department blindly believes what you are showing is true and the scrutiny cases are 2-3% at maximum. But coupled with strong IT department is becoming more vigilant and strong in every field and believe me after IDS, one will be seeing the wrath on the persons doing these types of things. The persons doing so are not only evading tax but also hampering the economic development of their own motherland.
In the end i would strongly recommend to refrain from these type of activities.
In the end i would strongly recommend to refrain from these type of activities.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
