Quick Summary
As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore. This revelation comes from government sources following a series of search, seizure, and survey operations carried out by the Income Tax Department. During these operations, it was found that many taxpayers had claimed erroneous deductions under sections 80C, 80D, 80E, 80G, 80GGB, and 8
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Income Tax Department has uncovered approximately £1,070 crore (around £1.07 billion) in wrongful tax claims.
Around 90,000 salaried individuals from both public sector and private sector organisations are involved.
Commonly misused sections include 80C, 80D, 80E, 80G, 80GGB, and 80GGC.
The department is identifying taxpayers who claimed fraudulent deductions, reaching out to them and their employers, and conducting outreach programs to raise awareness and encourage voluntary rectification of returns.
Taxpayers are encouraged to update their returns within two years from the end of the relevant assessment year to avoid further penalties.
Yes, as of December 31, 2024, around 90,000 taxpayers have amended their ITRs and paid the necessary additional taxes.
CAclubindia
