Deceptive Income Tax Refund Tricks That Can Put You in Trouble
Deceptive Income Tax Refund Tricks That Can Put You in Trouble
Photos: Pexels/Pixabay
Photos: Pexels/Pixabay
Aug 24, 2023
Rajeev Kumar
Many taxpayers try deceptive ideas to claim higher Income Tax refunds. However, such taxpayers often end up getting notices. Let's have a look at such ideas you should never try.
Many taxpayers try deceptive ideas to claim higher Income Tax refunds. However, such taxpayers often end up getting notices. Let's have a look at such ideas you should never try.
Concealing actual income or reporting less income
Concealing actual income or reporting less income
Claiming exempt income even when the taxpayer is not eligible for it.
Claiming exempt income even when the taxpayer is not eligible for it.
Claiming false deductions by declaring higher than actual tax-saving investments
Claiming false deductions by declaring higher than actual tax-saving investments
Claiming tax deductions for which the taxpayer is not eligible
Claiming tax deductions for which the taxpayer is not eligible
Not declaring casual income such as capital gains, prize money, winning from games and lottery etc.
Not declaring casual income such as capital gains, prize money, winning from games and lottery etc.
Making false House Rent Allowance claim with fake rent receipts
Making false House Rent Allowance claim with fake rent receipts
Claiming allowances under Section 10 with fake receipts such as conveyance, helper and food allowances
Claiming allowances under Section 10 with fake receipts such as conveyance, helper and food allowances
Not reporting high-value transactions such as depositing over Rs 10 lakh in savings account, credit card payment over Rs 1 lakh, FD over Rs 10 lakh etc.
Not reporting high-value transactions such as depositing over Rs 10 lakh in savings account, credit card payment over Rs 1 lakh, FD over Rs 10 lakh etc.
Instead of making fake claims or avoiding certain disclosures for higher refunds, ITR filers should try to avoid any deceptive practices to avoid income tax notices.
Instead of making fake claims or avoiding certain disclosures for higher refunds, ITR filers should try to avoid any deceptive practices to avoid income tax notices.