Often, intermediaries help reduce the tax burden by helping taxpayers arrange fake rent agreements and slips, medical bills, donation receipts and so on. The advisory comes at a time when tax filing for the last financial year i.e. The ITR-1 form, which is meant for salaried individuals to file returns, has been made available for e-filing on the department’s websites (GIVE LINKS). According to income tax rules, penalties can range from Rs100 to a maximum of 300% of the tax evaded, in addition to the tax payable. So be careful when you file your income tax returns this time.

Source: Mint April 23, 2018 00:45 UTC