CAs and Tax Evasion
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.
Pro_CA
Stealth
2 months ago
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.
Pro_CA
Stealth
2 months ago
That's why, if you don't have knowledge about these things, it's better to stay quiet.
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I have shown 75k health insurance which I really pay only 23k. I don't think they will be able to catch this ever.
Guys, I added an extra 4k in the LTA... Will I get caught?
No clue how the check happens, but always a risk. I've seen people putting enormous amounts in LTA and not getting caught or notices for the same.
Not claims. The insurance payment.
Anyways not the focus of the post. I wanted to know if this is prevalent elsewhere as well. Also I missed out fraudulent NGO payments.
PaltryBackburn
Student
a month ago
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