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Ultimate Guide on Income Tax for Employees | Ft CA Suresh Potharazu | Money Purse Podcasts
Takeaway
File honest returns, use updated-return option to fix errors, and avoid fake HRA/deduction claims — the digital reassessment system catches them.
Summary
- CA Suresh Potharazu explains income tax filing essentials for salaried employees including ITR returns, notices and capital gains reporting.
- Employers (principal officers) are responsible for verifying employee tax deduction claims; false HRA or deduction claims can trigger prosecution as economic offense.
- Income tax department now uses 8-year reassessment with digital verification — no human interface, so wrong claims surface easily.
- Updated returns (ITR-U) allow taxpayers to fix mistakes within the allowed window before notices arrive.
- HRA fraud (fake rent receipts to landlords) is a common red flag; deductions above 40 lakh threshold get extra scrutiny.
income taxITRsalaried
Original description
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