Are you among the more than two crore taxpayers who filed their returns before 31 July? These taxpayers can rest easy because they filed by the due date. However, the dread of the taxman does not end here. It is common for taxpayers to make errors or deliberately conceal income in their returns, which could lead to notices from the tax department. Nudged by the government to enhance revenue collections, the tax authorities are on an overdrive to catch tax evaders. Not only are financial transactions being tracked, but loopholes that allowed tax evasion are also being plugged.
In October 2013, the Central Board of Direct Taxes issued a new rule for claiming HRA exemption. Salaried taxpayers claiming HRA exemption were asked to report their landlord's PAN if the total rent in a year exceeded Rs 1 lakh. Earlier, if the total rent paid was less than Rs 15,000 a month, there was no need to submit the landlord's PAN details.
In October 2013, the Central Board of Direct Taxes issued a new rule for claiming HRA exemption. Salaried taxpayers claiming HRA exemption were asked to report their landlord's PAN if the total rent in a year exceeded Rs 1 lakh. Earlier, if the total rent paid was less than Rs 15,000 a month, there was no need to submit the landlord's PAN details.
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Source:-The Economic Times
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