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| Jammu Income Tax department sensistises officers about taxation, financial matters | | |  Early Times Report
JAMMU, Oct 27: Income Tax Department and the office of the Deputy Commissioner on Friday organised an outreach and sensitisation program to promote awareness and understanding of taxation and financial matters.
During the program, Deputy Commissioner Income Tax Jammu, Dr. Mohnish Digra, along with Income Tax Officer Jammu, Rajneesh Gupta, led an interactive session with the Drawing and Disbursing Officers and Assistant Accounts Officers representing different departments.
Dr. Mohnish Digra, emphasised the importance of financial literacy and underscored India's aspiration to become a developed nation by 2047. He highlighted the consistent increase in net Direct Tax collections and the number of income tax return filed over the years.
Furthermore, Dr. Mohnish Digra, addressed the audience regarding a concerning trend of claiming wrongful deductions to secure fraudulent refunds, leading to losses for the government. DDOs were sensitised about their role in verifying the legitimacy of such deductions by employees, with a reminder that the Income Tax Department closely monitors such cases.
Rajneesh Gupta, stressed the serious consequences of claiming fraudulent refunds, including scrutiny of cases, tax recovery and the imposition of penalties under section 270A, amounting to 200% of the evaded tax. He noted that such actions can lead to prosecution under section 276C of the Income Tax Act, potentially resulting in rigorous imprisonment of up to seven years.
Gupta also informed the audience about the available remedies for rectifying errors, such as filing updated returns under section 139(8A) of the IT Act for Assessment Years 2021-22 and 2022-23, with the payment of 50% and 25% penalties, respectively, in addition to the tax. Revision of ITR for Assessment Year 2023-24 can be done without any penalty.
Throughout the program, interactions took place, addressing various issues related to the accurate filing of ITRs, the utilisation of the Income Tax chatbot, different deductions available under the Income Tax Act of 1961 and the benefits of tax calculation under both the old and new tax regimes.
In addition to the district officers, attendees included PO POSHAN, Renu Bhasin and Assistant Commissioner General, Manisha among others. |
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