The Income Tax (I-T) Department today said it “trusted” the taxpayers and asked them to file their returns without “fear” by the March 31st, the deadline for all companies and those who deposited “large amounts of cash” post demonetization. The department and the CBDT (its policy-making body), in a public advertisement, said “We trust you.” “So why fear? File your income tax return now,” it said. The tax department buttressed its statement by saying that it selects “less than one percent returns for scrutiny or investigation” and that the system to select these cases is totally computer-based and devoid of any human interface.
The advertisement said it was the final call for taxpayers who have to file belated or revised ITRs [income tax returns] 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 [income tax returns]. “Non-filing or incorrect filing of return of income may result in penalty and prosecution,” the public advisory said. The government had declared the demonetization of the existing Rs 1,000 and Rs 500 currency notes on November 8, 2016.
The advertisement also cautioned eligible trusts, political parties, and associations to file their income tax returns by the final deadline. Individuals and Hindu Undivided Families having an 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. It urged the taxpayers to file their returns “easily and securely” over the official e-filing web portal of the department.
Also, there are many ways to get returns from the TAX filing also through ELSS Mutual Funds.