ITR Filing: Thinking of submitting fake rent receipts in income ta? Here's how I-T Department can catch you
Income Tax Season: Saving tax through House Rent Allowance (HRA) is a time-tested tactic. But some taxpayers take the wrong route by submitting fake rent receipts for tax saving. The Income Tax Department (I-T) can outsmart such people easily. With the last date to file ITR return today (July 31, 2024), it is important to know how the I-T Department catches violators.
How I-T Department Catches Rent Receipt Frauds: Saving tax is the right of every taxpayer. The old income tax regime and the new income tax regime have various sections that pertain to tax-saving exercises. As long as taxpayers are using the right ways to save tax, it is good for them, but some taxpayers follow ugly ways of producing fake documents to get a tax refund or exemption. They think that they can outsmart the I-T department by doing so. However, in the age of artificial intelligence (AI), the I-T department has various ways through which it can outsmart people using fake documents. With the last date of ITR filing (July 31, 2024) gone, it is important to know how the I-T department catches taxpayers using fake rent receipts.
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I-T Department uses AI to catch people committing fraud
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I-T Department uses AI to catch people committing fraud
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What are the rules for house rent allowance?
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What are the rules for house rent allowance?
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What are the rules for house rent allowance?
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With this, the Income Tax Department matches the amount claimed under your HRA with the amount sent to your landlord's PAN number. Please note that all transactions related to PAN are written in the AIS form. If a difference is found between the two, then a notice is sent to you by the Income Tax Department.
Why does fraud happen in HRA?
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Why does fraud happen in HRA?
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