New Delhi, July 14 -- The Income Tax Department has initiated a large-scale verification operation across multiple locations in the country, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs), an official spokesman said today.
This follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries.
Investigations uncovered organized rackets operated by certain ITR preparers and intermediaries who have been filing returns claiming fictitious deductions and exemptions. These fraudulent filings involve the abuse of beneficial provisions with some even submitting false TDS returns to claim exc...