Photo: Pradeep Gaur/MintHave you declared lower income to save tax while filing your income tax returns (ITR) in the past? At the beginning of the tax filing season, the income tax (I-T) department has issued a cautionary note to all salaried individuals who are eligible for ITR filing. The move comes immediately after the tax department issued revised ITR form where you now have to declare the break-up of your salary. It stated, “The department has noted with concern the attempt salaried taxpayers make to under-report income or inflate deductions aided and abetted by unscrupulous intermediaries. There are a number of legitimate ways to save tax.

Source: Mint April 24, 2018 13:41 UTC