I see many of my colleagues consulting CAs for ITR filing and getting huge returns. What I gathered from their filings were bogus Health Insurance claims, fake HRA claims etc being utilised for showcasing huge deductions. These filings were done along with ITR 2 to somehow bring down the income.
Can anyone shed light on this practice? Are these legitimate CAs ? Is this not illegal? Don't they get caught ?
Note: This post is not to undermine CAs, but to understand how few CAs are doing this ? And is there really a way to decrease your taxable income, without having legitimate investments in the first place.
Yes but the counter by CAs apparently is: we know which sections are thoroughly checked and which are not. So don't worry, govt doesn't have the manpower or necessary analytics available to do this.
I don't want to believe this, but is this true by any chance.
That's why, if you don't have knowledge about these things, it's better to stay quiet.
I have shown 75k health insurance which I really pay only 23k. I don't think they will be able to catch this ever.
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Since the tax season is upon us, I wanted to check how do you folks handle tax related things?
I have always been very intrigued about managing my own finances, never hired a CA till now.
But every year when the tax return filing time comes I run into the same thought - Am I paying too much taxes, is there a way to plan it bette...
