The new income tax circular 05/2011 mandates that if the annual rent exceeds Rs.1,80,000 one should produce the PAN number of the landlord or a declaration by the landlord that their income is below the taxable limits. Naturally I'm planning to produce fake receipts for Rs.20,000 p.m and a fake declaration that landlord's income is below the taxable limits.
Is there anything I should be worried about?
From India, Bangalore
Is there anything I should be worried about?
From India, Bangalore
But if you caught by the authorities for submitting the fake rent receipts, then your total rent paid from the very beginning will be taxed with penalty and interest for the lapsed period.
Be cautious and be genuine. Never do such fraud to save some perks.
From India, Kumbakonam
1168Be cautious and be genuine. Never do such fraud to save some perks.
From India, Kumbakonam
I wonder where the ETHICS have gone!!! Just because someone else does should we copy the same? There is a saying in Kannada languge "Kallana hendthi ondu divasa munde aguttale" meaning "A robber's wife wil become a widow"; the implication is that a robber will be caught in the long run. So will people submitting fake reports. Hence BEWARE..
From United Kingdom
From United Kingdom
Today many people does the same from the rent receipt to the medical bills for reimbursement.
You must have to give the rental agreement and the PAN no. of the Landlord.
you dont have to get worried it is your landlord who is going to be worried because he is going to be penalised for showing false income statement.
Only your Landlord can sue you if he gets caught.
From India, Mumbai
You must have to give the rental agreement and the PAN no. of the Landlord.
you dont have to get worried it is your landlord who is going to be worried because he is going to be penalised for showing false income statement.
Only your Landlord can sue you if he gets caught.
From India, Mumbai
I am paying I.T. for the more than 15 yrs but I never produced rent agreement. Only rent receipts submitted and availed exemption. How come rent agreement is must?? Pon
From India, Lucknow
From India, Lucknow
Dear Mr. Pon
Normally there is a faith that the senior officials never fabricate fraud documents and produce to the HR Department. That's the reason they have not asked for rental Agreement from you. But when the IT department gets doubt on you, that time surely they will start digging all the documents from you and start asking all the old records. That time you may have no records with you to produce to the appropriate authorities.
Hence you are requested to keep the rent agreement also to safeguard your future querries from IT Department.
From India, Kumbakonam
Normally there is a faith that the senior officials never fabricate fraud documents and produce to the HR Department. That's the reason they have not asked for rental Agreement from you. But when the IT department gets doubt on you, that time surely they will start digging all the documents from you and start asking all the old records. That time you may have no records with you to produce to the appropriate authorities.
Hence you are requested to keep the rent agreement also to safeguard your future querries from IT Department.
From India, Kumbakonam
I need your help!
My salary is less than Income tax slab but still i want to fill my ITR for 2011-2012,
Plz guide which form to be filled and how?
One more thing do i need to ask for form 16 from my company as the accounts deptt is saying we don't deduct your tax and fill challan so form 16 can't be issued to you.
Plz guide soon as i want to buy some property for which i have to show strong ITR
From India
My salary is less than Income tax slab but still i want to fill my ITR for 2011-2012,
Plz guide which form to be filled and how?
One more thing do i need to ask for form 16 from my company as the accounts deptt is saying we don't deduct your tax and fill challan so form 16 can't be issued to you.
Plz guide soon as i want to buy some property for which i have to show strong ITR
From India
Form 16 shall be issued by the employers irrespective of being in tax slab or in excess of tax slab. Returns need not be submitted if you are not falling under tax net. Pon
From India, Lucknow
From India, Lucknow
My landlord is giving me rental receipt in someone else’s name, i.e., not in his real name and address. Can there be any problem if I submit these as proofs for HRA?
From India, Bengaluru
From India, Bengaluru
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