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Penalty up to 200% of tax possible on fake rent receipts, claiming false deduction of donations

With the income tax return (ITR) filing deadline coming to an end on July 31, 2023, the tax department is reportedly stepping up to tackle taxpayers using fraudulent rent receipts to evade taxes. If discrepancies are detected, the department has the authority to impose a penalty of up to 200 percent of the tax applicable on the misreported income, experts say.

The income tax act offers certain tax exemptions and deductions in relation to the house rent allowance (HRA) and donations. To claim such an exemption from HRA, a taxpayer can resort to submitting a fake rent receipt to enjoy the said exemption.

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