Excelsior Correspondent
JAMMU, Nov 10: An outreach programme was organized by Income Tax Officer Katra, Vijay Choudhary for cops.
In this regard a seminar was organised as part of series of outreach programmes being conducted by Income Tax Department, J&K under the overall supervision of M.P Singh, Principal Commissioner of Income Tax, Srinagar and under the guidance of Rajeev Gubgotra, Joint Commissioner Income Tax, Range-1, Jammu.
During the interactive session, Vijay Choudhary highlighted the importance of Direct Taxes in nation building and infrastructural development and significance of paying taxes honestly.
He addressed the gathering regarding a recent trend of claiming wrong deductions to secure fraudulent refunds thereby resulting in loss to public exchequer.
The audience was apprised of the fact that the Department is closely monitoring such cases and in certain identified cases, action is being simultaneously taken not only by the Income Tax Department but also by State agencies.
Officials were sensitized and cautioned about the repercussions of claiming bogus refunds by availing wrong deductions under chapter VI-A of the Income Tax Act which includes penalty U/S 270A amounting to 200 per cent of Tax evaded and prosecution proceedings U/S 276C of the Income Tax Act.
Furthermore, it was also advised by the ITO Katra that wherever required, tax payers should submit their revised returns for A.Y 2023-24 well in advance of the closing date December 31, 2023.
They were also advised that the persons who have claimed bogus refunds by claiming bogus deductions can update their returns by filing ITR-U for A.Y 2021-22 and 2022-23 by paying additional tax of 50 per cent and 25 per cent respectively in addition to the actual tax liability.
Lively interaction was held with the officials on various issues regarding filing of correct ITRs, various deductions available under Income Tax Act and benefits of tax calculation under both old and new tax regime.
Follow our WhatsApp channel
