UNCULTURED TRADER
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Mint (Market,tech and latest news) YearlY Subscription Giveaway Tomorrow At 1Pm ✅
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Salary of Rs. 18L, which Tax Regime to choose
New Tax Regime - 1,29,833.60₹ Tax Liability
Old Tax Regime - 1,88,136₹ Tax Liability
Shall we do a voice chat on Sunday? (Technicals + Fundamentals + Personal Finance Related doubt clearing)
🔸Salaried Person Claimed Fake Exemption/Deduction🔸
→ What are the consequences
Many Salaried Taxpayers are seen claiming Fake exemptions [HRA, LTA etc] or Deductions
[U/S 80C, 80D, 80CCD, 80DD, 80G etc] for reducing Tax Liability or claiming Excess Refund
What are the consequences of claiming Fake exemptions/Deductions?
1️⃣ 133(6) Notice for submitting evidence of claiming exemptions/Deductions 2️⃣ 143(2) Scrutiny notice 3️⃣ 147 Income Escaping Assessment proceedings 4️⃣ 200% Penalty U/S 270-A 5️⃣ Your PAN will be flagged for Future yearsHow to Avoid
→ Don’t claim Fake Deductions/Exemptions in your ITR → File Revised return if any Fake Deduction/Exemption claimed → File updated Return if time for ITR Revision has gone
