The IT department cautions taxpayers as the last date for filing ITR approaches
The ITR filing season for assessment year 2024-25 ends on July 31 for all categories of taxpayers whose accounts are not expected to be audited.
As the last date for filing Income Tax Return (ITR) approaches, the IT department has warned ITR filers not to make bogus claims for expenses, underreport their income or exaggerate deductions, which will invite legal consequences and result in delays. . Issuance of Refunds.
“Refund claims are subject to verification checks, which may cause delays. Correct filing of ITR leads to faster refund processing. Any discrepancy in the claims made will result in a request for revised return (to be filed by the taxpayer),” the Income Tax department said in a recent public communication, urging taxpayers to file their returns correctly to get timely returns.
The ITR filing season for assessment year 2024-25 ends on July 31 for all categories of taxpayers whose accounts are not expected to be audited. According to the IT department and its governing body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed till July 26.
The IT has warned taxpayers not to deduct “wrong” tax at source (TDS) amount, “under-report” their income or submit claims for “bogus” expenses in their ITR filings.
The department informed taxpayers that their claims should be “correct and accurate” and that filing a false or bogus claim is a punishable offence.
The communication said that if the refund due is delayed, the taxpayers should check their e-filing account to see if the IT department has sent them any message in this regard and if yes, respond to it through the “pending action and agenda department.” Tab.
Taxpayers under the old ITR filing system can claim various deductions and exemptions to reduce their tax liability while those opting for the new system will get a lower tax rate but cannot avail these benefits.
Meanwhile, CBDT Chairman Ravi Aggarwal informed that this time more than 6 percent of ITR filings are under the new rules which are being promoted by the government to make the direct tax system better and simpler.
(with PTI input)
