I-T Department Warns Against False Expense Claims Ahead of ITR Deadline

The Income Tax Department has cautioned taxpayers to avoid making false claims, under-reporting income, or exaggerating deductions in their ITR filings, as these actions are punishable and can delay refunds. The filing deadline for the 2024-25 assessment year is July 31, and over 5 crore ITRs have already been filed.

The Income Tax Department has issued a stern warning to taxpayers ahead of the July 31 ITR filing deadline, advising against making false expense claims, under-reporting income, or exaggerating deductions. These actions are not only punishable offences but can also delay the issuance of refunds, according to the department.

The department stated that accurate filing leads to quicker processing of refunds and urged taxpayers to check their e-filing accounts for any messages or requests for revised returns prompted by discrepancies. As of July 26, over five crore ITRs have been filed for the 2024-25 assessment year.

CBDT Chairman Ravi Agrawal noted that a significant portion of filings have been under the new tax regime. He also clarified recent changes in refund withholding periods, emphasizing that such cases will be rare and that the adjustments are mainly procedural.

(With inputs from agencies.)