Alert!Warning against misreporting Income..??

Alert!Warning against misreporting Income..??

The deadline for submitting ITRs for the fiscal year 2022–2023 is July 31. Although the government expects income taxpayers to include accurate information in their ITRs, it has also issued a warning against underreporting income and making erroneous deduction claims. The Income-tax Act of 1961 imposes severe penalties for underreporting income and making erroneous deductions. These include prosecution that might result in incarceration, a penalty of 200% of taxes, and interest at a rate of 12% each year, according to Mitali Madhusmita, main chief commissioner of income tax for ap and Telangana.

She said persons who made such claims and received incorrect refunds from the Department should file updated returns under Section 139(8A) for the tax years 2021–22 and 2022–23 and pay any outstanding taxes in accordance with Section 140B. If the initial return has already been filed, revised returns may be filed for the tax year 2023–24 under section 139(5), according to Madhusmita. The government is also putting more pressure on people who file false tax refund claims.

The ITR AY 2023–24 deadline is only 25 days away. To avoid the last-minute rush, it is advisable that people file ITRs. There are roughly 7 different income tax forms. Each form is unique and is intended for a specific kind of tax filer. You must be aware of the form that applies to you in order to prevent future income tax notices. Only those with salary income may use ITR-1 to file their taxes; those with other types of income must use other forms. Knowing the slab rates for both the new tax system and the old tax regime is crucial when filing the ITR. Both income tax systems use distinct tax slabs. You can save taxes if you are aware of the slabs.

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