I-T Dept Clamps Down Illicit Refund Claims On Fake Investment Proofs

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    Now the department of income tax is embarking on a more watchful path as it looks to stop the incidences of fake refund outgo on the premise of produce of fake investment proofs.

    I-T Dept Clamps Down Illicit Refund Claims On Fake Investment Proofs
     

    Also, on the sidelines, CBDT Chairman Sushil Chandra is also paying heed to "high-pitched" assessments in cases where irrational tax demand is being asked for by tax officials. And to look into the matter a 3-member committee has been formed. "Many people came to us saying that our assessment is very high pitched, so we made 'high-pitched' assessment committee, which comprises of three principal commissioners wherein if you feel that your assessment is high pitched, you can approach the committee," he said.

    And in a case where it is found that the assessment is high-pitched, the demand shall be stayed and necessary action will be taken against the assessing officer.

    After search operation conducted in some parts of the country it has been noted some of the fraudsters are encouraging taxpayers to make false refund claims through false 80C and other allowable deductions such as housing loan.

    And Chandra has urged taxpayers that it's time that taxpayers pay their due taxes honestly.

    "When we took that risk parameter and found from one I P address so many refunds are being filed which are of same pattern, so some searches took place. So we have put another risk parameter into our system that if some fraudulent return is being filed then that refund has to be stopped," Chandra said addressing an industry event here.

    Goodreturns.in

    Read more about: section 80c income tax refund
    Story first published: Thursday, December 20, 2018, 10:12 [IST]
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