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 de
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 Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
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.
CAclubindia
