If every year you too pay income tax, then this news must be related to you. The government stumbled on about 90,000 salaried-class tax exemptions withdrawn by their beneficiaries in government and private sectors. The data is worth about Rs. 1,070 crore. These people are claiming wrong deductions in their ITR under 80C, 80D, 80E, 80G, 80GGB and 80GGC. Such wrong deductions lower the income tax revenue of the government.
Wrong claims made under 80GGB / 80GGC
It was further noted by the ET report according to sources that the investigations concluded that most of these people are employees of different companies covering a wide range of sectors-population of public sector undertakings, large companies, multinational companies, LLPS, literally private limited companies and covers so much more about those people working in one company but claiming wrong deductions were essentially working within the same structures.
Analysis by the tax department further reveals a glaring difference between taxpayers’ total deductions under section 80GGB/80GGC and what donors with deductions show in their ITRs.
Companies are being made aware by the government
Suspicion has also partaken in deductions under sections 80C, 80e and 80G. He said, “We have compiled a list of normal employers (TDS deductors). All these cases will be informed about the issuing of false claims of deductions under 80E, 80G, 80GGA,80GGC and other deduction sections.” However, some people are cheating in the name of providing tax exemptions and refunds and this type of illusion occurs between companies. As such, companies are now being educated by the government.
The matter is related to Rs 1,070 crore
The government explains how high the difference will be for the wrong declaration of income-tax returns. In case the source made a mistake regarding the information given, how one should rectify it.
Government sources claimed that about 90,000 such taxpayers have claimed wrong tax deduction in their ITR for 2014 by December 31, 2024. This entire amount is around Rs. 1,070. Also in the same workers, there has also been overpayment of tax.
