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what is the consequences, if we claim fake deductions in income tax return
Replies (1)
Bro, It's not assumable...
See the below tweet by one of CA CHIRAG CHAUHAN...
Salaried don't claim fake deductions The Income Tax department has filed two FIRs against 400 Employees and one CA in Jammu and Kashmir in bogus refund cases.
It has been alleged in the FIRs 405 persons including a Chartered Accountant who runs a firm from Raj Bagh Srinagar have entered into a conspiracy and defrauded the Central Government exchequer for a sum of Rs.16.72 crore between financial years 2017-18 to 2019-20.
In the FIRs addressed to the Senior Superintendent of Police, Crime Branch, Srinagar, the Income Tax Department has described the modus operandi of the accused in minute details and has shared their complete details with the crime branch like names, addresses, PAN, bank accounts and the amounts fraudulently claimed as refunds by filing incorrect Income Tax Returns in a clandestine manner.
It has been alleged that all the culprits have taken more than Rs 4 lakhs as refunds by filing incorrect Income Tax Returns for various years. All 405 persons have been booked under sections 420/468/471 and 120B of the IPC & RPC read with section 66-D of the I.T. Act.
In this digital age, and robust IT infra by department, soon claiming fake deduction will be impossible as system will be strong enough to detect such fake claims.
Employees, don't claim fake detection for small refunds, you may have to pay later with interest and a huge penalty
7:15 am · 4 Jun 2023 ·99.2K Views
See the below tweet by one of CA CHIRAG CHAUHAN...
Salaried don't claim fake deductions The Income Tax department has filed two FIRs against 400 Employees and one CA in Jammu and Kashmir in bogus refund cases.
It has been alleged in the FIRs 405 persons including a Chartered Accountant who runs a firm from Raj Bagh Srinagar have entered into a conspiracy and defrauded the Central Government exchequer for a sum of Rs.16.72 crore between financial years 2017-18 to 2019-20.
In the FIRs addressed to the Senior Superintendent of Police, Crime Branch, Srinagar, the Income Tax Department has described the modus operandi of the accused in minute details and has shared their complete details with the crime branch like names, addresses, PAN, bank accounts and the amounts fraudulently claimed as refunds by filing incorrect Income Tax Returns in a clandestine manner.
It has been alleged that all the culprits have taken more than Rs 4 lakhs as refunds by filing incorrect Income Tax Returns for various years. All 405 persons have been booked under sections 420/468/471 and 120B of the IPC & RPC read with section 66-D of the I.T. Act.
In this digital age, and robust IT infra by department, soon claiming fake deduction will be impossible as system will be strong enough to detect such fake claims.
Employees, don't claim fake detection for small refunds, you may have to pay later with interest and a huge penalty
7:15 am · 4 Jun 2023 ·99.2K Views
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