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Claiming false deductions? I-T dept steps up scrutiny, warns of penalty
Monika Yadav New Delhi
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Tax experts are cautioning taxpayers against fraudulently claiming large deductions — such as inflated donations to charities, NGOs, or political parties, or exaggerated house rent allowance (HRA) claims — as the income tax (I-T) department has tightened scrutiny of such practices.
In many such cases, the department has levied a penalty of 200 per cent of the unpaid tax, making it a costly mistake for taxpayers, say experts. 'This year, taxpayers should be very careful,' said CA Chetan Daga, founder of AdvantEdge Consulting.
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