Exemptions and tax concessions under the Income-tax Act, 1961 (‘Act’) are provided in accordance with the provisions of the Act. However, any exemption or tax concession wrongly claimed in the returns of income filed by the tax payers are liable to be detected during processing of such returns or their scrutiny.
The monitoring mechanism prevalent for detection of such cases as of now includes system of Audit (both Internal and C&AG) and inspections/reviews done by supervising authorities. No such data is maintained for the number of cases arising therefrom and action taken theron and the outcome therefrom in a centralized manner.
Irregularities in Providing Tax Concession
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- CBDT Revises Form 169 and Form 171 Under Income Tax Rules 2026
- Supreme Court PIL Challenges New UPI Merchant Charges Above Rs 2000
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- Zerodha CEO Nithin Kamath Raises Concern Over UPI Charges for Brokers
- UPI Remains Free for P2P Transactions, 96% of Merchant Payments Unaffected
- Finance Ministry Notifies No-Charge Rule for RuPay Debit Cards and UPI up to Rs 2000
- MAT & AMT Under Income Tax Act 2025: Rates, Applicability and Credit Rules
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
Popular News
- Income from Other Sources Under Income Tax Act 2025: Key Rules, Taxable Incomes and Deductions
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
- ESOP Taxation Under Income Tax Act 2025: Rules for Employees and Start-Up Workers
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
