Respected CCI members, we know the consequences of inflating fake expenses & decreasing incomes but i would like to know the consequences of showing higher fake incomes & not claiming deduction u/s-80C to pay taxes to improve credit worthiness for the purpose of loan?? Is claim u/s-80C is optional or compulsory? Does department issue notices against th assessees for cases which are not beneficial to them like in the above case?
3 Replies
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 20 July 2014
80C is optional. unless you have made any payment which qualifies for 80C, you cant avail its benefit.. so it not mandatory that a person has to make any payment in this regard..... higher income is not a problem for the dept, if you have been paying taxes properly... however there are chances for selction for scrutiny assessment.
Stranger
(.)
(5531 Points)
Replied 22 July 2014
Thanx 4 d reply..well as far as sec-80C is concerned, i was asking whether the claim in ITR is optional or mandatory after payment of lic premium just to pay taxes..
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 22 July 2014
still it remains optional... you need not fill it if you dont wish to take deduction of 80c.
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