After the banking scam in India, the tax refund scam has surfaced. Staffs of the government and the public sector companies (PSUs) have introduced fraudulent documents and expenses. This damages the government of India more than Rs.1000 crores. The income tax department is involved in the investigation of this case. This scam has been executed through a revised tax return. Under this, any person can file a financial report again and claim the tax refund.

According to the Business Standard report, about 17,000 revised tax returns filed in Mumbai alone. More than 1000 such returns were filed in Bengaluru too. The Income Tax Department is currently in the process of investigating the matter, but the sources said the amount of the scam has been more than Rs 1,000 crore. According to the information, home loan has been introduced in revised tax returns. An Income Tax Department official said that the process of settlement of original returns of income tax payers has already started. In the meantime, they filed the revised returns with the documents.

The income tax department was keeping an eye on revised tax returns for the last three years. Another official of the Income Tax Department said, "In the last three years, the number of revised tax returns filing was continuously increasing. It was detected by the data mining system. During this time, we also found out how people are claiming refunds through fraudulent documents."

Explain that the taxpayers can file revised tax returns for two financial years. For instance, Revised Tax Returns can be filed for the financial year 2015-16 and for the financial year 2016-17 till March 31, 2018.

Another official told the fraudulent ways of claiming a tax refund. He said that some taxpayers filing revised tax returns were such that those who did not show any income in the 'Income from House property' in the original tax return, but the claim was made to damage in the revised return. In case of non-profit from the house property, the taxpayer can claim tax refund. Explain that under section 24 of the IT Act, there is a provision for tax rebate on home loans.

The IT department has also given the information to the CBI. The investigating agency will be able to find that people in the scope of investigation do not have more property than known sources of income. Apart from this, the CBI will also investigate the involvement of Income Tax Department officials and chartered accountants in the entire scam. Let the IT department has refunded 1.42 trillion rupees by February 10.

(Click here for Android APP of IBTN. You can follow us on facebook and Twitter)

Share This News

About sharing