The tax department is closely monitoring individuals who claim excessive tax deductions or exemptions in their income tax returns.
In instances where suspicious activities arise during scrutiny, taxpayers are being issued notices, a
nd the necessary documents are being requested as proof.
Should any fraudulent claims be detected, the Income Tax Department is authorized to take appropriate measures.
Respond Within 15 Days
A 15-day window has been granted to respond to these notices.
Tax experts advise that individuals asked to validate their exemption claims must provide supporting evidence, including receipts, vouchers, and relevant documents.
If a taxpayer is unable to meet the stipulated deadline, they have the option to seek an extension from the Assessing Officer.
Timely Response is Crucial
Experts stress the importance of prompt responses to these notices.
Failure to reply could lead to the classification of these cases as tax evasion, prompting the initiation of punitive actions.
Offenders may be subject to fines of up to 200% of the total payable income tax.
