Tax officials are requesting verification of claims submitted in previous Income Tax Returns (ITR). (AI image) Income tax payers claiming House Rent Allowance (HRA) exemptions should take note. The Income Tax Department is issuing notices to individuals who have sought HRA exemptions in their tax filings but have not paid the required Tax Deducted at…
The Income Tax Act, 1961’s old tax regime provides various tax exemptions and deductions. (AI image) Income Tax Filing FY 2024-25: Employers are currently requesting salaried employees to provide documentation of tax-saving investments and expenses if they wish to reduce their tax liability. These documents are essential to prevent complete tax deduction at source (TDS)…
HRA claims mismatch: Taxpayers should remain cautious. If there’s a discrepancy between the rent paid and the rent received by the landlord, potential tax evasion issues may arise. Taxpayers making false HRA claims, whether intentionally or unintentionally, should be concerned about receiving a tax evasion notice from the income tax department. Source link
