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Don’t submit fake house rent receipts; otherwise, you’ll get an income tax notice! – Times Bull

Don’t submit fake house rent receipts; otherwise, you’ll get an income tax notice!

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The big news is waiting for taxpayers. Are you also a taxpayer? Then this article is for you. Many people use different methods to avoid income tax. Some people invest in schemes that offer tax exemptions. There are some people who apply rent receipts to get HRA exemption to avoid income tax.

Under the rules, there is some exemption in tax even on applying rent receipt. Some people also use this rule wrongly, and to avoid or reduce income tax, they put fake receipts of the rented house. But they do not know that the Income Tax Department also monitors such people and can also take action.

AI tool help

Now the Income Tax Department is using AI, i.e., an artificial intelligence tool, to deal with those who take tax exemption by applying fake receipts, through which the details given in the form are mixed with the transaction related to the PAN card.

 

If you put a receipt for rent of more than one lakh rupees, then the Income Tax Department will also ask for the PAN card number of the landlord. After this, with the help of artificial intelligence, it will be matched whether the claim made by the tenant by putting a receipt is also showing on the PAN card of the claim amount owner.

It will be punished

Those who will be found guilty in the eyes of income tax, that is, when it is clear from the documents of both the landlord and the tenant that the tenant has not paid as much rent as he is claiming or has not paid the rent at all, then the Income Tax Department can take action. Under which notice will be given to those who apply fake rent receipts. Form 26AS and AIS will play an important role in this entire process.

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