Tax notice coming for 20k identified taxpayers for..
Synopsis The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating
Synopsis The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or seek condonation from the department to avoid penalties and potential legal action.
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