The income tax department has reportedly been sending notices to salaried individuals asking for proof of the tax exemptions and deductions claimed while filing income tax returns (ITRs). The income tax laws allow individuals to claim various tax exemptions and deductions, provided they have opted for the old tax regime. However, many individuals use fake rent receipts or travel bills to claim such tax exemptions and save income tax. The income tax notices being sent now are for the ITRs filed for last year – for assessment year 2022-23 (FY 2021-22). If you are filing your ITR now and claiming certain deductions and tax exemptions, here are some things you should keep in mind to avoid getting tax notice this year.

Source: Economic Times July 29, 2023 12:36 UTC