File Returns Or Face Penalty, Tax Department To Notes Ban Cash Depositors: 5 Points

Tax department warns of penalties and prosecution of people and companies which do not file their returns for assessment year 2016-17 and 2017-18.

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File Returns Or Face Penalty, Tax Department To Notes Ban Cash Depositors: 5 Points

Department also cautions trusts, political parties and associations to file income tax returns.

Individuals and companies which deposited "large amounts of cash" after the demonetisation drive of November 2016 have to file their returns by March 31, 2018, the Income Tax Department said on Friday. In a public advisory issued in national dailies, the tax department warned of penalties and prosecution of people and companies which do not file their returns for assessment year 2016-17 and 2017-18. It also cautioned eligible trusts, political parties and associations to file their income tax returns by this final deadline and "come clean", according to a report by news agency Press Trust of India (PTI).  PM Narendra Modi had banned the use of Rs 500 and Rs 1000 currency notes on November 8, 2016.
 


Here are five things that you must know about this warning on income tax returns issued by the income tax department:

1. The department, in public advertisements issued in leading dailies, said it was the final call for filing of belated or revised ITRs for assessment years 2016-17 and 2017-18.

2. It said all companies, firms and limited liability partnership concerns were also required to do so.

3. "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.

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4. The deadline is also applicable, it said, to trusts, associations and political parties whose income prior to claim of exemptions exceeds the minimum chargeable to tax.

5. 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 five lakh (over 80 years of age) too need to file their returns for the mentioned assessment years, it said. (With PTI Inputs)

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