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Claiming fake deductions, rent receipts while filing your ITR can lead to heavy penalties

It is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed while filing income tax return. This is to ensure that if in the future years the income tax department asks the individual to provide proofs to substantiate the deductions claimed. If the proofs are unsatisfactory then it can lead to heavy penalties. ....

Abhishek Soni , Divakar Vijayasarathy , Income Tax Department , Income Tax Act , Income Tax , Heavy Penalties , Filing Itr , Hra Exemptions ,

Belated ITR Filing Disadvantages: What are the disadvantages of filing belated ITR?

The last date for filing ITR for FY 2021-22 (AY 2022-23) is July 31, 2022. If an individual misses this deadline to file ITR, there is a monetary and non-monetary cost. An individual filing belated ITR is required to pay a late filing fee for a maximum up to Rs 5000. Apart from this, there are certain disadvantages to filing belated ITR. ....

Yashesh Ashar , Income Tax Act , Illume Advisory , Belated Itr Filing Disadvantages , Belated Itr , Income Tax Return , Filing Itr , Cons Of Filing Belated Itr , Belated Itr Filing Fine , Itr Late Filing Fine ,

My wife is a homemaker. She has bank FDs. Should she file income tax return?

For getting interest without deduction of tax at source, non-senior citizens can file form 15G and senior citizens have to file form no. 15H. Since your wife is not a senior citizen, she has to file form no. 15 G. But she has to file her ITR only if her income during the year exceeds the amount of basic exemption of Rs. 2.50 lakh ....

Bank Fds , Income Tax Return , Filing Itr ,

Facing higher TDS due to non-filing of ITR? Here's how to get out of the list

​The income tax department has created a list of persons (called specified persons) for whom this higher rate of TDS, TCS will be applicable. However, there is a way of stopping higher TDS, TCS on incomes. ....

Sachin Vasudeva , Sudhakar Sethuraman , Processing Centre , Deloitte India , Centralized Processing Centre , Higher Tds , Non Filing Of Itr , Filing Itr , Income Tax Return , Itr Deadline ,