Aadarsh ​​Kumar, who works in a multinational company in Mumbai, is very happy with his Chartered Accountant (CA). Why shouldn’t he be happy, because his CA has got him a refund of Rs 50,000. When Aadarsh ​​told this to his friend, he also requested Aadarsh’s CA to file his income tax return. Aadarsh’s CA helped him get the benefit of all kinds of deductions and got him a refund of Rs 50,000 despite TDS being deducted.

When Adarsh ​​told this to his friend, he also talked to some tax experts about this. Then he came to know that Adarsh’s CA was saving his tax by giving wrong information in deductions. In return, Adarsh’s CA also took 15 percent of the money received as refund. This may not happen only with Adarsh, but with many taxpayers. If the CA fills your ITR by giving wrong information to get his commission, then who will be responsible for this?

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The government had issued a notification.

The Income Tax Department had issued a notification in 2018 to clear the picture in such a case. The department had said that no document is required for filing ITR online. Obviously, the taxpayer must have kept the documents of whatever deduction he claims. It is the responsibility of the taxpayer to file the ITR correctly and on time. In such a situation, even if the CA makes any mistake, the responsibility will fall on the taxpayer.

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What to do if a mistake is made?

As a taxpayer, you must always be prepared to ensure that no wrong information is entered in your ITR form and no correct information is hidden. After filling the ITR, you should also match it once yourself. If you see any mistake and the deadline for filing the return has not yet passed, you can file a revised ITR within the stipulated time. This will also prevent your ITR from being rejected and you will be saved from paying late fees along with penalty.

What is the penalty for filing a wrong ITR?

If a refund is taken by giving wrong information while filing ITR, then the Income Tax Department can impose a heavy penalty on such taxpayers. The refund amount will be recovered along with penalty and interest. If the tax evasion is more than Rs 25 lakh, then the government can also impose a penalty of 100 to 300 percent and in serious cases, the taxpayer can also be jailed.

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The deadline for filing income tax returns for the assessment year 2023-24 i.e. the financial year 2022-23 is nearing. Taxpayers have time till July 31 to file income tax returns. One week of this month has almost passed. In such a situation, now only 3 weeks time is left to file income tax return.

Don’t wait for the last minute

Generally people keep postponing the work of filing income tax return. Although the Income Tax Department repeatedly advises people not to be negligent in filling ITR. People keep sitting thinking that there is still so much time left. In such a situation, they get trapped, because there is a danger of crowding on the portal at the last moment.

Deadline was not increased last year

At the same time, there are many people who feel that like other government deadlines, it will also be extended. Remind such people that last year the deadline for filing income tax return was not extended. This year also there is no scope for giving extra time to file income tax return.

This is how you can save thousand rupees

Filling income tax return is not a very complicated task. The government is also continuously making the process of filing income tax return easier. Documents like Form 16, Form 26S, AIS, TIS etc. have made filing income tax returns very easy. If you try yourself, you can file your ITR sitting comfortably at home in a few easy steps. For this there is no need to go to any CA and pay a fee of thousand rupees. Today we are going to help you in this work…

File ITR like this (How to file ITR, A step by step guide)

• First of all go to the e-filing portal of the Income Tax Department www.incometaxindiaefiling.gov.in
• If your account is already created then log in
• If the account is not created then create an account by clicking on Now register
  on the home page e Select the File option
• Now select the File Income Tax Return
• option to choose the assessment year First of all
• go to the Personal option to file ITR online
• Now the most important thing is to select the appropriate form
• If you are salaried then ITR-1 form Select
• the salaried taxpayer will get the pre-filled form
• You can match the data from your salary slip, Form 16 and AIS etc.
• Check that the bank account details are correct before claiming the return
  Submit ITR after cross-checking all,
• after this it is also necessary to e-verify ITR,
• you can do this work online with the help of bank details.
• Income Tax Department processes ITR in 3-4 weeks.
• You can check the status online anytime with the help of the acknowledgment number

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In a notification of the Ministry of Finance on May 3, the scope of the Anti Money Laundering Act has been extended. According to the PMLA notification issued by the Ministry of Finance, CA, CS, ICWA will come under the purview of the Prevention of Money Laundering Act (PMLA) if they do select financial deals for a client. The most important thing is that these professionals will come under the ambit of PMLA on forming, opening, running companies, limited liability partnerships or trusts.

Sale and purchase of immovable properties will come under PMLA

According to the notification, the PMLA law will also be applicable on the purchase and sale of immovable properties for the client, taking care of the client’s money, property and securities. Operations of bank and securities accounts, raising money for the functioning of companies will also come under the ambit of PMLA. However, in the amendment, lawyers have been kept out of it. The concern of chartered accountants, company secretaries and cost accountants who open companies for their clients has increased. These will now come under the purview of the Anti Money Laundering Act PMLA.

Government worried about shell companies

The government is worried about the increasing functioning of shell companies. The purpose of opening thousands of companies without any functioning is to convert black money into white. Due to the multilayering of ownership in such companies, the agencies have to struggle a lot to reach the real owner. In recent years, the role of such professionals had come to the fore in many cases in the action of the investigating agencies. After which the government has taken this step.

Correct information on financial status and ownership

CA, CS, ICWA must ascertain the correct financial status and ownership details of their clients before dealing with them. Like what is the source of the fund and is it reasonable or not. What is the purpose of the transaction. The Financial Intelligence Unit can also impose a penalty if it deliberately ignores a deal made with funds from an illegal source. Must maintain record of all transactions done for the client. Along with this, its reporting will also have to be done by the director of the Financial Intelligence Unit.

This is the concern of professionals

The concern of the professionals is that the record of proving the guilt of the agencies in the PMLA law has been very weak. In such a situation, the way can be difficult for them if they get caught in the affair of the investigating agencies. The argument is also that for all the three professionals, there is already an institution formed under the law passed by the Parliament. who supervises the work. In such a situation, why there was a need to bring it under the ambit of PMLA law.

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