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March has gone and here comes the time to file the taxes. Many of us might be busy in compiling the documents to file the taxes correctly, where one of the main objectives will be to save maximum taxes. However, the objective pushes many to go overboard and land up in the category of tax-evaders. Here are some of the tax evasion practices that one must avoid.
Submitting Fake Rent Receipts - The IT department has mandated submission of PAN number of the landlord if the rent paid exceeds Rs 1 lakh per annum. This gives a window to many people to claim an exemption on rent payment of up to Rs. 8,300 per month. Therefore, people paying actual rent lesser than this find it lucrative to submit fake receipt in order to claim the threshold amount and save more taxes. However, one should refrain from such activities to prevent troubles during random scrutiny.
Claiming Rent Paid To Spouse/Parents - People often claim HRA exemption for rent paid to their Spouse or Parents. One must bear in mind that this arrangement is valid only if there is a complete transaction cycle. This means that the Spouse or Parents have to show receipt of rent as income while filing taxes, which otherwise will make such claim void.
Interest Income - The IT department has become more vigilant about what is disclosed and what is not. One of the common mistakes people make is to not disclose interest income. Misuse of Form 15G and 15H to evade TDS and to split up bank deposits to show interest income below Rs. 10,000 is rampant.
Capital Gains - Most of the time, people do not report short-term capital gains on their mutual fund investments. An individual should ask for the statement from the mutual fund company in this regard and go ahead reporting the accurate capital gains in their income tax filing.
Rent Income From Second Home - Most of the people do not disclose the rent they receive from their second home. Such non-disclosure is a form of tax evasion. A problem could arise if tenants have claimed HRA exemption, but landlord has not shown the same as income in his tax returns.