Income Tax Department has tightened its annual tax filing process after a probe exposed over 90,000 salaried individuals falsely claiming deductions costing the tax exchequer over ₹1,070 crore. The new tax rules would impose 200% penalties with 24% annual interest and criminal prosecution. The recently updated ITR utilities, which include ITR-1 and ITR-4, now require granular proof for deductions.
short by
Bhawana Chaudhary /
12:19 pm on
04 Jun