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Income tax department warns against tax evasion by salaried employees

The income tax (I-T) department has cautioned salaried taxpayers against under-reporting their income or inflating their deductions in assessment year 2018-19. It has also warned intermediary consultants like chartered accountants against assisting such tax evasion. Any wilful tax evasion will invite penal actions including prosecution under provisions of the Income Tax Act. The new ITR forms have sought extensive details of the salary breakup and income from house property. Wrong claims will be treated as tax evasion and even intermediaries will be prosecuted, the advisory warned. As per an analysis done by the tax department, the average tax payment made by an individual salaried taxpayer was Rs 76,306 in assessment year 2016-17, as against only Rs 25,753 by an individual business taxpayer.

Read More at Livemint News date : 19 Apr 2018, Thursday

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