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Tuesday, August 12, 2014

Filed your I-T return on time? Here's why you can still get a notice


Are you among the more than two crore taxpayers who filed their returns before  31 July? These taxpayers can rest easy because they filed by the due date.  Hoever, the dread of the taxman does not end here. It is common for taxpayers  to make errors or deliberately conceal income in their returns, which could lead  to notices from the tax department. Nudged by the government to enhance revenue  collections, the tax authorities are on an overdrive to catch tax evaders. Not  only are financial transactions being tracked, but loopholes that allowed tax evasion are also  being plugged.

In October 2013, the Central Board of Direct Taxes issued  a new rule for claiming HRA exemption. Salaried taxpayers claiming HRA exemption  were asked to report their landlord's PAN if the total rent in a year exceeded  Rs 1 lakh. Earlier, if the total rent paid was less than Rs 15,000 a month,  there was no need to submit the landlord's PAN details.

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