No more fake rent receipts to evade income tax
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Indians have, since long, submitted fake property rent receipts, often from parents and relatives, as proof to get rebates from income taxes. More often than not, employers as well as taxman knew about this fraud, but let it go considering it a minor misbehaviour.That, perhaps, is set to change.
The income tax department has decided to insist on proof that people submitting rent receipts are indeed genuine tenants and stay in the property mentioned.
Also read: Don’t share PINs and passwords, IT Dept cautions taxpayers
As per a recent tribunal ruling, the assessing officer can now demand proofs, including leave and licence agreement, letter to the housing co-operative society informing about the tenancy, electricity bill, water bill, and then allow a lower taxable income.
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"The ITAT (
Also read: ITAT rejects Shah Rukh Khan’s contention to not pay tax on Dubai property
(Image source News 1130)
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