Cross Town News
Cross Town News India Follow Editor Rahil Gupta on   Twitter   Instagram

Keep a check on claim of wrong deductions to secure fraudulent refunds : DC Income Tax Jammu to DDOs


Keep a check on claim of wrong deductions to secure fraudulent refunds : DC Income Tax Jammu to DDOs
Cinosural International An Elementry School Jammu



JAMMU, Oct 25:An outreach cum sensitization programme was organized by Dr. Mohnish Digra, IRS Deputy Commissioner, Income Tax, Jammu with DDOs of Higher Secondary Schools pertaining to Jammu district.

This is a part of series of outreach programmes being conducted by the Income TaxDepartment in the UT of Jammu & Kashmir under the overall supervision of Sh. M.P Singh, PrincipalCommissioner of Income Tax, Srinagar and under the guidance of Sh. Rajeev Gubgotra, Joint Commissioner of Income Tax, Range-1 Jammu.

During the event, Dr. Mohnish Digra highlighted the importance of financial literacy as well as importance of taxes in nation building and infrastructural development as well as its role in India becoming a developed nation by 2047. He also pointed out the consistent rise in net Direct Tax collections as well as in the number of ITR filers over the years.

Dr. Mohnish Digra also addressed the gathering regarding a recent trend of claim of wrong deductions to secure fraudulent refunds thereby resulting in loss to Government exchequer. DDOs were sensitized about their role to check the veracity of such deductions by employees.

The audience was apprised of the fact that the Department is closely monitoring such cases and in certain identified cases, action is being simultaneously taken not only by Income Tax Department but also by the State agencies.

It was emphasized that consequences of claiming fraudulent refunds includes selection of cases in scrutiny and recovery of tax, levy of penalty under section 270A which is 200% of tax evaded and prosecution u/s 276C of Income Tax Act, which can lead to rigorous imprisonment up to seven years.

The remedy available for rectifying such mistakes are filing of updated return u/s 139(8A) of IT Act for AY: 2021-22 & 2022-23 (by paying 50% and 25% penalty respectively in addition to tax) and revision of ITR for AY: 2023-24 without paying any penalty.

During the programme, lively interaction was held with the DDOs on various issues regarding filing of correct ITRs,use of Income tax chatbot, various deductions available under Income Tax, Act 1961 and benefits of tax calculation under both old and new tax regime.

a8c28ad2-24c2-4f70-8878-3f8ca15be2eb.jpeg

 


   Popular News

Top