The Income Tax Department has warned taxpayers to avoid making false expense claims, under-reporting income, or exaggerating deductions, as these actions are punishable offenses and can delay refunds, according to a PTI report on July 28.
The deadline for filing income tax returns (ITR) for the assessment year 2024-25 is July 31. This applies to all taxpayers whose accounts are not subject to audit. As of July 26, 2024, the department and the Central Board of Direct Taxes (CBDT) have recorded over five crore ITR filings.
The IT department stressed that accurate filing leads to faster processing of refunds, as discrepancies could result in requests for revised returns. “Refund claims are subject to verification checks, which may cause delays. Accurate ITR filing ensures quicker refunds,” the department stated.
Taxpayers are advised not to claim incorrect tax deducted at source (TDS), under-report income, or exaggerate deductions. Claims should be precise and truthful, as false claims are punishable offenses.
According to Ravi Agrawal, Chairman of CBDT, more than 66% of ITR filings this year were under the new tax regime, which simplifies the direct tax system but eliminates some deductions available under the old regime.
In case of refund delays, taxpayers should check their e-filing accounts for any communications from the IT department and respond via the “pending action and worklist section” tab if necessary.
