The Income Tax Department has advised that submitting false expenditure claims in ITR will face severe consequences.

ITR: If you are going to file income tax return (ITR filing) and have made false claims in deducting income and expenses to get tax exemption, it will be costly for you. Income tax payers have been advised by the Income Tax Department not to understate income and not to create bogus ITR claims for expenses. Inflating expenses and making bogus claims is a punishable offence, causing delays in refunds, the department said. The last date for filing ITR 2024-25 (AY 2024-25) for all taxpayers is July 31, the Income Tax Department said. After that the accounts will not be audited. Additionally, they should be verified within 60 days of filing the Income Tax Return and the first day of these 60 days will be the date of filing of the Income Tax Return. According to the Income Tax department and its administrative body, Central Board of Direct Taxes (CBDT), five crore people have filed ITRs, and more than five crore ITRs have been filed till July 26. The Income Tax department had said that taxpayers should file their returns correctly to get refunds on time. Refund claims are subject to verification, which may cause delays, the department said. Also Read: BYJU's: NCLT Judge recuses himself from BYJU's case, postponement of bankruptcy hearing if there are discrepancies in proper filing of ITR If there is any discrepancy in the claims, a revised return will be requested. The Income Tax Department has urged taxpayers filing ITR not to claim tax deduction at wrong source (TDS) amount, understate their income or overstate deductions. Also Read: Strong rise in PNB's stock, investors stay rich Income tax department issues instructions saying if you claim fake expenses in ITR, consequences will be severe.