I-T warns salaried taxpayers against incorrect returns
TIMES NEWS NETWORK 19.04.2018
New Delhi: The income tax department has cautioned salaried taxpayers against claiming incorrect deductions or under-reporting income after it stumbled upon evidence of such malpractices in Bengaluru, Mumbai and Ludhiana.
The advisory, issued on Monday, said such offences are punishable under various provisions of the Income Tax Act and warned people against using the services of “unscrupulous intermediaries”. It also threatened to refer such cases to other enforcement agencies for further action.
Senior taxmen said the “cautionary advisory” was issued as surveys in the three cities pointed to some salaried employees claiming tax benefits for house property even when they did not own any property. Similarly, the survey threw up instances of some people claiming deductions for donations or contributions to certain institutions when none was made.
The use of technology to crosscheck such claims has been helping the authorities track those evading taxes or making wrong claims.
Taxmen begin raids on hoarders of cash
Tax sleuths have conducted 30 to 35 raids in Bengaluru and parts of Andhra Pradesh as part of a drive to smoke out cash hoarders, even as the government and RBI moved to pump in funds into some of the states facing a currency crunch. While the amount seized in the raids so far is not very large, the operations are expected to gather pace in the coming days. P10
Some employees from leading tech companies made wrong claims
In fact, in Bengaluru alarm bells went off after it was noticed that some employees from leading technology companies had made wrong claims in their tax returns through a man who posed as a chartered accountant.
“We have referred some cases from Bengaluru and Ludhiana to CBI and the advisory has been issued to ensure that young boys and girls do not resort to such malpractices or fall prey to unscrupulous elements,” said a senior officer, who did not wish to be identified.
This year, the government has already asked for details such as allowances that are not exempt from tax, value of perks and profits in lieu of salary in the new return forms.
Pointing to the automated centralised processing centre (CPC) in Bengaluru, the advisory said: “The I-T department has an extensive risk analysis system aimed at identifying persons who are non-compliant and aim to subvert the trust based system envisioned while processing of ITRs (returns) at CPC Bengaluru. In all such cases of high risk, the department may examine and verify the details submitted by taxpayers in their ITR, subsequent to processing of returns in CPC. If the department notices any fraudulent claims in the returns, such taxpayers may be punishable under various provisions of the Income Tax Act. This may also delay issuance of refunds in such cases.”
TIMES NEWS NETWORK 19.04.2018
New Delhi: The income tax department has cautioned salaried taxpayers against claiming incorrect deductions or under-reporting income after it stumbled upon evidence of such malpractices in Bengaluru, Mumbai and Ludhiana.
The advisory, issued on Monday, said such offences are punishable under various provisions of the Income Tax Act and warned people against using the services of “unscrupulous intermediaries”. It also threatened to refer such cases to other enforcement agencies for further action.
Senior taxmen said the “cautionary advisory” was issued as surveys in the three cities pointed to some salaried employees claiming tax benefits for house property even when they did not own any property. Similarly, the survey threw up instances of some people claiming deductions for donations or contributions to certain institutions when none was made.
The use of technology to crosscheck such claims has been helping the authorities track those evading taxes or making wrong claims.
Taxmen begin raids on hoarders of cash
Tax sleuths have conducted 30 to 35 raids in Bengaluru and parts of Andhra Pradesh as part of a drive to smoke out cash hoarders, even as the government and RBI moved to pump in funds into some of the states facing a currency crunch. While the amount seized in the raids so far is not very large, the operations are expected to gather pace in the coming days. P10
Some employees from leading tech companies made wrong claims
In fact, in Bengaluru alarm bells went off after it was noticed that some employees from leading technology companies had made wrong claims in their tax returns through a man who posed as a chartered accountant.
“We have referred some cases from Bengaluru and Ludhiana to CBI and the advisory has been issued to ensure that young boys and girls do not resort to such malpractices or fall prey to unscrupulous elements,” said a senior officer, who did not wish to be identified.
This year, the government has already asked for details such as allowances that are not exempt from tax, value of perks and profits in lieu of salary in the new return forms.
Pointing to the automated centralised processing centre (CPC) in Bengaluru, the advisory said: “The I-T department has an extensive risk analysis system aimed at identifying persons who are non-compliant and aim to subvert the trust based system envisioned while processing of ITRs (returns) at CPC Bengaluru. In all such cases of high risk, the department may examine and verify the details submitted by taxpayers in their ITR, subsequent to processing of returns in CPC. If the department notices any fraudulent claims in the returns, such taxpayers may be punishable under various provisions of the Income Tax Act. This may also delay issuance of refunds in such cases.”
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