Income Tax warns Taxpayers claiming wrongful deductions/ exemptions in ITR

The Income Tax Department has urged taxpayers to rectify any incorrect refund claims by filing revised returns for the current year of assessment and updated filings for the prior assessment year.

Claiming wrongful deductions/ exemptions in the ITR, kindly remember responsibility and ensure:

1. All deductions are bonafide and genuine;

2. Genuine payments and documents support it;

3. It does not result in misreporting of income.

Ways to correct:

1. File a revised ITR for A.Υ. 2023-24.

2. File an updated ITR for A.Y. 2021-22 and Α.Υ. 2022-23.

Consequences:

Misreporting of income may result in penalty and prosecution proceedings under provisions of Income Tax Act, 1961.