Quick Summary
As the deadline for filing Income Tax Returns (ITR) for the assessment year 2024-25 approaches on July 31, the Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings, or exaggerating deductions is a punishable offense and may cause delays in refund issuance. Over Five Crore ITRs Filed So Far According to the Central Board of Direct Taxes (CBDT), more than five crore ITRs have be
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FAQ :
The deadline for filing Income Tax Returns for the assessment year 2024-25 is July 31st.
Fraudulent claims include inflating expenses, under-reporting earnings, exaggerating deductions, claiming incorrect Tax Deducted at Source (TDS) amounts, or submitting bogus expense claims.
Making bogus or false claims is a punishable offense and may cause delays in the issuance of your tax refund.
If your refund is delayed, you should check your e-filing account for messages from the Income Tax Department and respond via the 'pending action and worklist section' tab.
There is a proposal to extend the refund withholding period from 30 days to 60 days, primarily for cases where there is an existing or likely demand against the assessee.
Over 66% of ITR filings this year have been under the new regime, which offers lower tax rates without the deductions and exemptions available in the old regime.
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