What happens if i file wrong return to get back tds.?

Comoany cut like 8k salary as tds in feb n mar. I also din do any insvestment as i barely save any money. What if i just put deductions in ITR and claim the tds back? Whats the risk? I read IT department only checks under 1% and my 8k is barely anything. Should i risk and do it? Whats the catch?
 
https://www.financialexpress.com/mo...ery-taxpayer-should-take-care-of-now/1138001/

I definitely don't recommend filing bogus exemptions in the returns.

The Returns processing is done though an automated system. Normally, there is a lot of information available to them against PAN number if they want to verify, but they have not been doing it, but the process is being made more exhaustive now. Fraudulent claims can technically land you in jail for 10 years and penalties as per law, but these laws have not been exercised against small scale evaders till now, but that too is changing now. IT dept has warned that such offenders will be prosecuted and also employer would be notified with disciplinary action required from them as well.
 
Comoany cut like 8k salary as tds in feb n mar. I also din do any insvestment as i barely save any money. What if i just put deductions in ITR and claim the tds back? Whats the risk? I read IT department only checks under 1% and my 8k is barely anything. Should i risk and do it? Whats the catch?
If you get caught 100% penalty + jail time.

Better to go to a CA who can plan it for you.
 
They have a few weeks ago put out a warning. You can try your luck. If you succeed do tell us, if you don't reply, we'll assume there's no internet in jail.

No jail actually. They will send him notice by registered post 2-3 times first and tell him to pay tax through challan. After that I think he will be sent summons by IT Dept of his area. All this will take 2 years or so.
 
Things are changing now. There is talk about prosecution in cases of deliberate tax evasion using false claims/fake documents and action to be taken by employer too. Of course there is no guarantee that everybody will get caught, but is it worth a gamble?
 
No jail actually. They will send him notice by registered post 2-3 times first and tell him to pay tax through challan. After that I think he will be sent summons by IT Dept of his area. All this will take 2 years or so.
Wrong. He will get Notices a few times, next he will get an ex-parte Order, with 100% penalty + fine+ interest , and asked to pay balance.
Next his bank accounts will be attached. If no bank accounts or payment, then jail time.
 
Just pay your damn taxes.
Wrong. He will get Notices a few times, next he will get an ex-parte Order, with 100% penalty + fine+ interest , and asked to pay balance.
Next his bank accounts will be attached. If no bank accounts or payment, then jail time.
Sounds reasonable to risk it![DOUBLEPOST=1524485120][/DOUBLEPOST]
Just pay your damn taxes.
this year i will plan taxes n invetments better
 
If you get caught 100% penalty + jail time.

Better to go to a CA who can plan it for you.
Everyone knows the same, whats new about it ?
OR
A non-Indian trying to indulge between Indians ?

As most of members are from India (belong to India), but your reply just seems eradicable !
 
Everyone knows the same, whats new about it ?
OR
A non-Indian trying to indulge between Indians ?

As most of members are from India (belong to India), but your reply just seems eradicable !

I think you like to use big words without understanding what they mean...
 
Wrong. He will get Notices a few times, next he will get an ex-parte Order, with 100% penalty + fine+ interest , and asked to pay balance.
Next his bank accounts will be attached. If no bank accounts or payment, then jail time.

Up to 300% penalty now.

I also hope everyone is aware that you need to file ITR by Jul 31st from this year. Otherwise Rs 5,000 penalty till Dec 31 and Rs 10,000 if delayed even further.
 
There was no penalty till last year. Only interest to be paid on any tax still payable. From this year, there will be penalty just for not filing before last date. Don't count on it being extended. Last year, too it was extended only because technical glitches on website and some other reasons.
 
Up to 300% penalty now.

I also hope everyone is aware that you need to file ITR by Jul 31st from this year. Otherwise Rs 5,000 penalty till Dec 31 and Rs 10,000 if delayed even further.
Basically what every income you were trying to evade tax on, you lose 90-100 percent of the income, while originally you would have paid max 30% tax.
 
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