Income tax – If you also pay tax, then this news is of great use to you. Actually we are going to tell you that income tax can take this action on you for giving wrong information while filling ITR.
If you also pay tax, then this news is useful for you. Let us tell you that any wrong attempt to hide or save tax can cause big trouble in front of you. The Income Tax Department has already given a warning regarding this.
If any person is found doing any such work. So IT department will charge fine from him. In case of tax evasion, penalty can be imposed on the total amount saved from tax. Many times a taxpayer tries to reduce the tax liability by under-reporting or misrepresenting the income, then on the basis of section 270A, the taxpayer will be held liable for penalty.
Know that under the Income Tax Act, there is a penalty provision for every default committed by the taxpayer. In addition to penalties for non-payment of self-assessment tax, default in filing income returns, default in payment of tax and others, the Income Tax Department also imposes penalties for underreporting and misreporting of income.
The department takes strict action-
According to the IT department, a fine of 50 to 200 percent can be imposed on the total amount stolen from tax. According to section 270A, if wrong information is given in the income tax return, then 200 percent penalty can be imposed on the tax liability or hidden amount. On the other hand, if the separate income has been declared less due to some other reasons, then there will be a penalty of 50 percent on the liability or hidden amount. Not only this, the department has said that the employer of such taxpayers will also be informed that the person working for them has filed wrong income tax return.
All these things are included in the case of misrepresentation of income-
- Giving or hiding false information
- Failure to provide proper record of investment
- Exaggerated the deduction but could not provide proof
- Any false entry in the account books
- Hiding the record of any international or any specific transaction
The IT department has detailed various provisions and conditions for understatement or misrepresentation of income and taxpayers can visit the official website for more details.