Claiming fake deductions, rent receipts while filing your ITR can lead to heavy penalties

It is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed while filing income tax return. This is to ensure that if in the future years the income tax department asks the individual to provide proofs to substantiate the deductions claimed. If the proofs are unsatisfactory then it can lead to heavy penalties.

from Tax-Wealth-Economic Times https://ift.tt/XGqU4Cn