Hi, I am new to the IT world and I have been earning more than 5 lakhs. so each month some tax deductions are being done on my salary.
I pay rent of 5700 and am also going to open a LIC policy for the same.
One of my seniors said that, instead of 5700, you declare 8333 in HRA and show some declarations at the end, and you'll be good.
I just want to ask, isn't it illegal to show fake declarations? or is it practiced like that only? kindly help me. I have very little knowledge about this
Menu
How to save from tax exemptions?
Replies (6)
Quick Summary
I can help you. Leaving the details in your inbox.
I can guide you through. Please check your inbox for further details.
Follow Sec 115BAC AND PAY TAX.
INVEDTMENTS NOT MADE CAN BE MADE IN HIGH YEILD RATED INSTRUMENTS GIVING MORE SAVINGS.
INVEDTMENTS NOT MADE CAN BE MADE IN HIGH YEILD RATED INSTRUMENTS GIVING MORE SAVINGS.
Showing fake declaration can cause imprisonment under Income Tax , Act .
300% penalty for avoiding taxes .
If you are earning income then you have to pay tax and the same deducted by your company.
Don't submit fake declarations.
300% penalty for avoiding taxes .
If you are earning income then you have to pay tax and the same deducted by your company.
Don't submit fake declarations.
Fake declaration are hardly there.
The queriest asked about fake declarations only..Check the query again
Recent Topics :
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
Related Topics :
CAclubindia
