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Over the past year, close to 16,500 homebuyers across the country received a rude shock in the form of notices asking them to cough up additional tax deducted at source on properties they had purchased. The tax department notices said they had deducted less tax despite the sellers’ PANs being inoperative. ....
Financial Literacy News: Many employees have the provision for House Rent Allowance (HRA) as a part of their salary structure. To lower their tax burden, many claim HRA exemption if they live in rented accommodation. Recently, the Income Tax Department discovered HRA fraud involving illegal use of Permanent Account Numbers (PAN). They found thousands of high-value cases, some exceeding Rs 10 lakh. ....
HRA tax fraud: The investigation began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual s PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them. ....
HRA tax exemption documents: House Rent Allowance (HRA) is generally part of salaried CTC. To save tax on rent paid during the financial year, an individual can claim exemption on HRA. However, an individual must have certain proofs apart from paying rent to claim HRA exemption and avoid rejection from the income tax department. ....