Respected CCI members, we know the consequences of inflating fake expenses & decreasing incomes but i would like to know the consequences of showing higher fake incomes & not claiming deduction u/s-80C to pay taxes to improve credit worthiness for the purpose of loan?? Is claim u/s-80C is optional or compulsory? Does department issue notices against th assessees for cases which are not beneficial to them like in the above case?
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Consequences of showing higher income
Replies (3)
80C is optional. unless you have made any payment which qualifies for 80C, you cant avail its benefit.. so it not mandatory that a person has to make any payment in this regard..... higher income is not a problem for the dept, if you have been paying taxes properly... however there are chances for selction for scrutiny assessment.
Thanx 4 d reply..well as far as sec-80C is concerned, i was asking whether the claim in ITR is optional or mandatory after payment of lic premium just to pay taxes..
still it remains optional... you need not fill it if you dont wish to take deduction of 80c.
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