Filing I-T returns? Keep it real or face consequences
Numerous salaried taxpayers who engaged in tax payment fraud using false deductions/exemptions and claimed refunds now risk facing high fines as well as possible jail. Mitali Madhusmita, the principal chief commissioner of income tax for telangana and andhra pradesh, said in a statement to the press on friday that monitoring of the returns filed had shown that several taxpayers working for reputable IT firms, government agencies, and PSUs had requested refunds of up to 90% of the TDS deducted by the employer.
According to data research, we discovered that refunds in telangana and andhra pradesh increased from 37% in 2021–2022 to 84% in 2022–2023, which raised doubts. I-T officers who conducted field investigations claim that employees were being persuaded to make these erroneous refunds on the advice of intermediaries or peers without realizing the repercussions. They also saw several I-T consultants engaging in improper behavior.
She said that the identities of these taxpayers discovered in their paperwork have been confiscated. "Upon examination, the consultants admitted they allowed employees to file the returns and receive ensuing refunds." Madhusmita stated that "a number of employees admitted to having received erroneous refunds," adding that they had previously submitted amended forms and withdrawn their refund claims. If a taxpayer fails to amend their returns, the department will take strong action against them by assessing interest at a rate of 12% per year, a penalty equal to 200% of the taxes owed, and even criminal prosecution.
She said that the identities of these taxpayers discovered in their paperwork have been confiscated. "Upon examination, the consultants admitted they allowed employees to file the returns and receive ensuing refunds." Madhusmita stated that "a number of employees admitted to having received erroneous refunds," adding that they had previously submitted amended forms and withdrawn their refund claims. If a taxpayer fails to amend their returns, the department will take strong action against them by assessing interest at a rate of 12% per year, a penalty equal to 200% of the taxes owed, and even criminal prosecution.
She asked all such taxpayers to reevaluate the deductions and exemptions they claimed in the forms they submitted for the tax years 2023–24, 2022–23, and 2021–22, and to quickly file updated/revised returns if their claims were not supported. Taxpayers can contact Aayakar Seva Kendras at their regional I-T offices, visit www.incometaxindia.gov.in, or call the helplines at 18001030025 or 18004190025 for any questions or assistance.