Trending @Accenture; ITR filing
Many individuals are claiming fake deductions on their tax returns. In my circle, about 90% of people are doing the same. I'm confused and concerned about whether I should follow same. However, I'm aware that providing false information on my itr can lead to scrutiny and potential penalties from the Income Tax Department. I'm seeking guidance here
What kind of fake deductions? I mean HRA - yes, do it but keep your rent within 1L for a year otherwise you have to furnish PAN details of your landlord. If its from Life or health insurance - don't do it. Investments - Don't do it. Political part donations or Charity - Don't do it.
Yes, like parents health insurance and LTA, NGO donation
Even if HRA is within 1L they are auditing everything now. So my suggestion is better don't do any fake stuff. But if the temptation to save tax is too much and you cannot resist faking, then be smart about it and cover your tracks well. Don't just provide fake documents and leave it at that. Create a real rent agreement with a relative who's not present in the IT ecosystem, actually transfer money to them, get receipts, etc. Your records will be clean.
