Tax season can be stressful, and the promise of a big refund can sound tempting. But a warning from tax expert CA Nitin Kaushik highlights a dangerous new scam: the “tax refund trap.” Some tax consultants are luring clients with offers of “extra refunds.” The trick is simple: they artificially inflate your refund by manipulating … Read more
A Salaried Employee’s Tax Nightmare: How an ITAT Ruling Reversed a ₹1.15 Lakh Penalty A recent ruling by the Income Tax Appellate Tribunal (ITAT) in Pune has brought to light a critical issue for salaried employees: the risk of unknowingly becoming involved in tax fraud committed by their consultants. The case involves an employee who … Read more
How One Taxpayer Beat a ₹1.46 Lakh Penalty After False Deductions Imagine this: You trust your tax consultant to handle your ITR, only to discover they’ve drastically under-reported your income with bogus deductions. That’s exactly what happened to Mr. Shinde, a salaried employee who faced a hefty ₹1.46 lakh penalty from the Income Tax Department. … Read more
Taxpayers Beware: AI Flags Fake Deductions, Hefty Penalties Loom The Income Tax Department is cracking down on bogus tax deduction claims like never before, and they’re using advanced AI and data analytics to do it. This isn’t just a warning; it’s already in motion. So far, over 40,000 taxpayers have had to retract fabricated entries … Read more