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5 Tax-Evasion Practices To Keep A Check On

By SiliconIndia   |   Monday, March 30, 2015
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BANGALORE: Hello, taxpayers! It’s 31st March, tomorrow. By now, all   proof of investment and efforts to show the minimum earning must be ready. Well, this attempt is not bad. Everyone since ages has been doing this. The attempt to pay less tax is natural but the thought of not paying it is dangerous. The penalty of Rs.5000 might not be a big deal, but the legal consequences can be real harassing. With Economic Times, here are some last minute tips to cut short your tax budget.

#Submitting Fake Receipts
False rent receipts to exempt tax, is an old technique. Any valid receipt is accepted by the tax department till the rent is less than one lac a year. A greater rent receipt necessarily needs the PAN number of the concerned owner. So, if you can gather false HR receipts without getting into the over one lac business, you will have to pay less.
But be careful if you get caught for a wrong receipt, then the minimum penalty is 100% of tax sought to be evaded and maximum 300%. Some even claim tax benefits by submitting insurance premium receipts, medical bills and false LTA, without travelling.

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