IT Refund: The IT department said that making exaggerated and fraudulent claims is a punishable offence and leads to delay in issuing refunds.
IT Refund: There are only a few days left for the last date of filing Income Tax Return, 31 July. The Income Tax Department has asked the return filers not to make fake claims for expenses and not to understate their income. The IT department said that making exaggerated and fake claims is a punishable offense and this delays the issuance of refund.
ITR Filing: 31 July is the last date
The last date for filing ITR for assessment year 2024-25 for all taxpayers is July 31, after which the accounts will not be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than 5 crore ITRs have been filed till July 26.
The Income Tax Department had recently said that taxpayers should file their returns correctly to get timely refunds. The department said, refund claims are subject to verification, which may cause delays. Filing ITR correctly speeds up the refund process. If there is any discrepancy in the claims made, a request for revised return will be made.
Do not do this
The Income Tax Department has urged ITR filing taxpayers not to claim wrong tax deduction at source (TDS) amount, not to under-report their income or exaggerate deductions.
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