The month of March is the taxpayers’ month and the Income Tax department already assured to its ‘Trusted’ taxpayer to file their return within 31st of March without any ‘Fear’. The deadline is applicable for all companies and mostly for those who pay a large amount of cash post demonetization.
In a public advertisement, the IT department and CBDT (its policy-making body) declared ‘We trust you’. So without any anxiety file your return now.
The Taxpayers should know more:
In an official statement, the tax department said in detail that it select “less than one percent returns for scrutiny or investigation. And the entire process has done by computer to avoid human interface.
The advertisement said it was the final call for taxpayers who have to file belated or revised ITRs for assessment years 2016-17 and 2017-18.
“If you have deposited large amounts of cash in your bank account/made high-value transactions, please consider the same while filling your ITRs.
“Non-filing or incorrect filing of return of income may result in penalty and prosecution,” the public advisory said.
Last year on November 8, 2016, the government of India declared the demonetization of existing Rs 1,000 and Rs 500 currency notes.
The IT department also cautiously mentioned the name of all political parties and their associations to file their income tax return by the final deadline.
Individuals and Hindu Undivided Families having the income of over Rs 2.5 lakh and senior citizens with an income of over Rs 3 lakh (60-80 years of age) and Rs 5 lakh (over 80 years of age), too, need to file their returns for the mentioned assessment years by March 31, it said.
The Income Tax department urged it’s taxpayers to file their returns “easily and securely” over the official e-filing web portal of the department as early as possible. Remember the last date to file your tax is 31st of March 2018.
Source: Economic Times