![]() ![]() ![]() Then you can prove that you have paid the deposit and what the amount was. Instances of such misconduct include submission of fake rent receipts or fraudulent declaration of income and deductions. Ask for a receipt when you pay the deposit, or pay by bank transfer. This is in line with Section 270A of the Income Tax Act, 1961, where underreported income may attract a 50 per cent penalty, while misreported income incurs a 200 per cent penalty. To curb such practices, the Income Tax Department may impose a penalty of up to 200 per cent on the misreported income if discrepancies are found. Such individuals may then face action in the form of additional taxes, interest, and penalties. If the taxpayer fails to furnish the required documents, the claimed exemption could be declined. The assessing officer can request proof of claimed tax deductions. Upon detecting any inconsistencies, the Income Tax Department can issue a notice asking for valid documents, kick off an inquiry, or revoke the House Rent Allowance (HRA) exemption. ![]() However, it's essential to authenticate any electronically generated rent receipts and confirm that they carry all the necessary details, including the signatures of both the landlord and the tenant. This approach not only simplifies the tracking of rent payments but also ensures accurate information on the receipt. In the digital age, rent receipts can be generated electronically using dedicated software or online platforms. ![]()
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