Vijaywada: ITR 2024 filing requires careful planning. Income Tax return filing for AY2024-25 must be done carefully, since false and unsupported claims may land you in jail, Income Tax department officials said during an awareness campaign launched with the South Central Railways in Vijaywada.
ITR filing under the old tax regime allows for exemptions and deductions under multiple provisions of the Income Tax Act. However, these deductions and exemptions must be supported with documentary evidence, the I-T department said.
During the programme, Narendra A Patil, manager of Vijayawada Divisional Railways, urged employees to carefully file their ITRs and avoid being misguided by middlemen. He urged employees to pore over the I-T laws and file income tax returns on their own.
False ITRs to invite 200% penalty!
I-T joint Tax commissioner N Abhinaya warned employees that false ITR claims may lead to a penalty that is up to 200 per cent of the tax amount and even lead to imprisonment, The Hindu reported.
The I-T department discovered major discrepancies in ITRs filed in Andhra Pradesh and Telangana. Employees were seen to have claimed huge returns on tax payments, which resulted in action against consultants and intermediaries who were charged with fraud and malpractice, added Abhinaya.
ITR 2024: During an awareness campaign launched in Vijayawada income tax officials informed railways employees that false claims on ITRs may result in heavy penalty and even jail. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
