The income tax department has initiated a nationwide verification operation targeting fraudulent claims of deductions and exemptions in I-T returns. This action follows the discovery of organized rackets involving ITR preparers and intermediaries filing returns with fictitious deductions. The department is taking stern action, including penalties and prosecution, against those making fraudulent claims, with searches conducted across multiple states.
NEW DELHI: The income tax department Monday launched a nationwide verification operation targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in I-T returns.The exercise is not limited to deductions for donations to little-known political parties and charities but also those related to health insurance and medical expenses (Sec 80D and 80DDB of I-T Act), HRA (Sec 10(13A), interest on education and home loans and for purchase of vehicles (Sec 80E, 80EE and 80EEB), CBDT said. Those under lens are MNC staff, public sector companies, government bodies, academic institutions and entrepreneurs who have claimed deductions without valid justification, it said.I-T department tapped many databases to identify likely offenders The I-T department is now poised to take stern action against continued fraudulent claims, including penalties and prosecution wherever applicable. The ongoing verification exercise across 150 premises is expected to yield crucial evidence, including digital records, that...
The income tax department has initiated a nationwide verification operation targeting fraudulent claims of deductions and exemptions in I-T returns. This action follows the discovery of organized r...