Income tax department The Income Tax Department has asked return filers not to make bogus claims for expenses and understate their income. The department said that making exaggerated and bogus claims is a punishable offence and leads to delay in issuing refunds. The last date for filing ITR for assessment year 2024-25 for all taxpayers is July 31, after which the accounts will not be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than five crore ITRs have been filed till July 26.
Your refund may get stuck
The Income Tax Department had recently said that taxpayers should file their returns correctly to get timely refunds. The department said, “Refund claims are subject to verification, which may cause delays. Correct filing of ITR speeds up the refund process. In case of any discrepancy in the claims made, a request for revised return will be raised.” The Income Tax Department has urged taxpayers filing ITR not to claim the wrong tax deduction (TDS) amount at source, not to understate their income or not to exaggerate the deductions.
Permission will have to be taken before leaving the country
After outrage on social media over the budget proposal to make tax paid certificate mandatory for travelling abroad, the government on Sunday clarified that the proposed amendment is not for everyone. The government said that this proposal is only for those accused of financial irregularities or big defaulters and only they will have to take such approval. According to section 230 of the Income Tax Act, 1961, every person does not need to obtain a tax paid certificate. It is necessary to do so only in the case of some persons.
Latest Business News