Income Tax Department asks individuals, companies to 'come clean' by March 31
BusinessToday.in February 9, 2018
Asking individuals and companies to come clean by filing income tax return before March 31, the income tax department on Friday said 'there's still time' to file belated or revised returns for assessment year 2016-2017 and 2017-2018 with interest, if any.
In an advertisement, the I-T department asked companies, firms, LLPs, trusts, associations and political parties (whose income prior to claim of exemptions exceeds the minimum chargeable to tax) to file income tax.
"If you have deposited large amounts of cash in your bank account or made high value transactions, please consider the same while filing income tax returns," the income tax department said cautioning the taxpayers.
"Non-filing or incorrect filing of return of income may result in penalty and prosecution," it said.
It underlined that there was still time for these categories of taxpayers and that they should avoid last minute rush and file the ITRs well before the deadline.
Individuals and Hindu Undivided Families having income more than Rs 2.5 lakh and senior citizens with 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, the advisory noted.
All companies, firms and limited liability partnership concerns were also required to do so, it added.