In this regard, the Annual Information Statement (AIS) Form and Form-26AS are matched along with Form-16. With suitable help from Artificial Intelligence (AI) technology, the I-T department is trying to detect fake rent receipts. The I-T department has started despatching income tax notices to those who claim tax deductions by submitting fake rent receipts since last year. However, the I-T department is mulling to crack its whip against this malpractice. The I-T department has taken cognisance of this existing practice wherein many individuals have been saving taxes in this way. However, indulging in such a malpractice could place you under the I-T department scanner. It has been noticed that while submitting investment proof, a few people tend to furnish fake rent agreements and rent receipts in a bid to save more tax. The Income-Tax (I-T) department initiates the final deduction, which may also give an individual a tax refund. These could be in the form of Life Insurance Corporation (LIC) policies, Equity-Linked Savings Schemes (ELSS), other tax-saving schemes, tuition fee receipts or rent receipts.īased on these documents, a company calculates the tax and deducts it from the salary for the next three months. January remains crucial for salaried individuals, considering companies ask for investment proof.
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