Excelsior Correspondent
JAMMU, Oct 25: Dr Mohnish Digra, Deputy Commissioner, Income Tax, Jammu, spearheaded an outreach and sensitization program with the Drawing and Disbursing Officers (DDOs) of the higher secondary schools in Jammu.
This event was part of a broader series of outreach programs conducted by the Income Tax Department in the Union Territory of Jammu & Kashmir, overseen by M P Singh, Principal Commissioner, Income Tax, Srinagar, and guided by Rajeev Gubgotra, Joint Commissioner of Income Tax, Range-1, Jammu.
During the program, Dr Mohnish Digra emphasized the significant role of financial literacy and taxation in the development of the nation and the ambitious goal of India becoming a developed nation by 2047.
He pointed out the consistent increase in net Direct Tax collections and the growing number of Income Tax Return (ITR) filers over the years.
Dr Digra also addressed a concerning trend involving wrongful deductions designed to obtain fraudulent refunds, resulting in financial losses for the Government.
He educated the DDOs about their vital role in verifying the legitimacy of such deductions claimed by employees.
It was stressed that the consequences for making fraudulent refund claims include scrutiny of cases, tax recovery, penalties under section 270A amounting to 200% of the evaded tax, and prosecution under section 276C of the Income Tax Act, potentially leading to up to seven years of rigorous imprisonment.
To rectify such errors, Dr Digra said the individuals have the option to file updated returns under section 139(8A) of the Income Tax Act for Assessment Years 2021-22 and 2022-23, with a penalty of 50% and 25%, respectively, in addition to the tax.
“Furthermore, taxpayers can revise their ITR for Assessment Year 2023-24 without incurring any penalties,” he said while addressing the DDOs.
The program facilitated engaging discussions with DDOs, covering topics such as accurate ITR filing, the use of the Income Tax chatbot, understanding deductions available under the Income Tax Act of 1961, and the advantages of tax calculation under both the old and new tax regimes.
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