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I-T dept flags up to 20,000 ITRs for ‘swapped provisions’ used to lower net tax liability — What happens next?

The income tax department has identified 15,000-20,000 cases of taxpayers using swapped provisions to reduce taxable income. This involves replacing exemptions to lower tax liability without valid reasons and documents. Details here.

By Eshita Gain· Livemint· 3 months ago· 2 min read
I-T dept flags up to 20,000 ITRs for ‘swapped provisions’ used to lower net tax liability — What happens next?

The income tax department has identified 15,000-20,000 cases of taxpayers using swapped provisions to reduce taxable income. This involves replacing exemptions to lower tax liability without valid reasons and documents. Details here. For the full story, visit the source.

This summary is sourced from Livemint. Read the full article at:Livemint
#Income Tax#Itr#Itr Filing#Net Tax Liability#Swapped Provisions#Tax Department#Tax Evasion