Did you incorrectly claim a deduction on your ITR? The Income Tax Department requires employees to correct the mistake and pay any outstanding tax, or face potential penalties.
Last year, the tax department discovered that some employees in Telangana and Andhra Pradesh had made false claims for deductions and tax exemptions to reduce their tax liabilities. This year, the department seems to be extending its focus to other cases. Chartered accountants have reported that the tax department is urging employers to advise their … Read more