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ITR DEDUCTION FRAUD
Delhi techie couple donates Rs 50 to political party, claims Rs 40 lakh ITR deduction, evades Rs 5.3 crore income tax, faces IT probeA Delhi-NCR techie couple allegedly claimed Rs 40 lakh in tax deductions after donating just Rs 50 to a political party. An Income Tax Depa...- Unsuspecting landowner got income tax notice as his land was sold for Rs 6.82 crore cash by someone via forged sale deed; he fights back and wins tax case in ITAT Ahmedabad on this groundFor Rs 6.82 crore cash notorious land grabbing gang sold land via forged sale deed with forged signature of landowner; however landowner go...
- Mumbai IT professional claims Rs 3.91 lakh TDS, gets only Rs 79,000 and Rs 3.36 lakh tax demand as employer failed to deposit tax; here's what happened nextITAT Mumbai found that full TDS credit has not been granted since assessee’s employer has deducted TDS but has not remitted the same to the...
- Rs 7 lakh income, Rs 2 lakh donation to a political party: How fake contributions led to Section 80GGC tax deduction claim rejectionA Mumbai man's Rs 2 lakh donation to a political party for tax deduction backfired. The Income Tax Appellate Tribunal (ITAT) Mumbai disallo...
- FD rate up to 8.05% for general citizens investing for five years; Know full list of banksGeneral citizens can still secure fixed deposit rates up to 8.05% for five-year terms with select banks, including Suryoday Small Finance B...
- Received income tax notice despite being a salaried taxpayer? Don’t panic; here’s how you can respondIncome tax notices can be stressful for salaried employees, but most are routine queries that can be resolved quickly. From understanding w...
- Facing mismatch in Form 26AS, AIS, and Form 16 while filing ITR? Here’s what you can doChartered accountants highlight persistent mismatches in the income tax portal's Form 26AS and AIS, causing reconciliation issues and filin...
- Why hasn't my income tax refund come as yet? When to expect ITR refund FY24-25 and how to track it?ITR Filing Last Date: Many taxpayers are facing delays in receiving their income tax refunds due to various reasons, including incorrect ba...
- Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the detailsMr. Shinde faced a penalty for claiming false tax deductions. He blamed his consultant, Mr. Patil, for the error. Shinde promptly paid the ...
- Filing ITR for FY2024-25? Mistakes in HRA claims, capital gains tax calculation are among 7 errors to avoidTaxpayers stand to benefit from a 45-day extension for filing returns due to significant ITR form changes in Budget 2024. However, errors c...
- Latest HRA tax exemption rules: Step-by-step guide on how to save income tax on house rent allowance under old income tax regimeHRA tax exemption rules: The HRA tax exemption reduces the total salary before calculating taxable income, helping employees save on taxes....
- How to file ITR for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jailTwo out of three respondents in our survey believed honest people pay more tax, while one out of five respondents felt that the tax authori...
- 5 HRA tax exemption proofs you must have in case income tax dept asksHRA tax exemption documents, proofs: House Rent Allowance (HRA) is generally part of an individual's salary structure. To save tax on rent ...
- Can you claim HRA tax exemption for rent paid to wife, parent or any other relative?HRA Exemption for rent paid to family member: The Income Tax Act allows an individual to claim HRA tax exemption provided specified conditi...
- ICICI Bank branch manager forged signatures, siphoned off 'Rs 11.95 crore' by transfer and cash, alleges the customer; case in EOW's netICICI Bank branch manager commits fraud: A branch manager of ICICI Bank has forged the signature of a customer with the intention to commit...
- How to read income tax intimation notice under section 143(1)It is important that an individual reads this income tax notice. This is because this notice informs you whether the income tax calculation...
- 28,000 J-K government employees under I-T department scanner for claiming bogus refundsOver 28,000 government employees including police and paramilitary force personnel are being investigated by the Income-tax department for ...
- PAN-Aadhaar linking, debit/credit card tokenisation, other money deadlines to comply with in 2022Here are 12 financial deadlines that you must comply with in 2022 to avoid penal consequences (as applicable) and make your money life smoo...
- Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaksThe new format will allow I-T department to view a detailed break-up of the income and tax breaks.
- Lied in your tax return? You are liable, not your ITR preparer and here's how to save yourselfThousands of taxpayers file faulty tax returns. For that, the taxpayer is liable, not the ITR preparer.
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