New ITR Rules: 200% Penalty, Prosecution for Inaccurate or Misleading Returns - BusinessToday

TDS Discrepancy: Rs. 1 Lakh Deducted by Employer, Only Rs. 10,000 Reflected in 26AS

TDS Discrepancy: Rs. 1 Lakh Deducted by Employer, Only Rs. 10,000 Reflected in 26AS Taxpayers receive a defective return issued by the income tax department when the return they have filed turns out to be defective. An Income Tax Return (ITR) may be treated as a defective return if the income tax department identifies discrepancies […]

ITR Scrutiny To Get Stricter This Year, Income Tax Department To Send Notices In Key Cases

The Income Tax Department will strictly check five types of ITR filings for the assessment year 2025-26. If any issue is found in income, tax, deduction, or exemption claims, notices will be sent by June 30, 2025.

New ITR rules: 200% penalty, prosecution for inaccurate or misleading returns - BusinessToday

The Income Tax Department has introduced stricter rules for filing income tax returns (ITRs), targeting individuals and businesses who misreport income or claim false deductions. Under the new regulations, taxpayers found guilty of providing misleading information could face penalties of up to 200% of the tax due, 24% annual interest, and even prosecution under Section 276C of the Income Tax Act.