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'We Trust You', Says Income Tax Department To Taxpayers Ahead of March 31 Deadline

Less than 1% of income tax returns are selected for scrutiny, said income tax department.

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'We Trust You', Says Income Tax Department To Taxpayers Ahead of March 31 Deadline

Income tax returns cannot be filed without a permanent account number (PAN).


Taxpayers are sometimes scared that the income tax department might hound them with tax notices. However, the income tax department on Friday assured taxpayers saying, "We trust you. Less than 1 per cent of income tax returns are selected for scrutiny/investigation. So why fear? File your income tax returns now." March 31, 2018 is the last day to file income tax returns for assessment years 2016-17 and 2017-18. It is also last day to file revised income tax returns for assessment year 2016-17, with interest, if any. Late filing of income tax returns for the said assessment years cannot happen after March 31, according to the income tax department.

(Also Read: How To File Income Tax Returns In Three Steps By March 31, 2018)

Income tax returns cannot be filed without a permanent account number (PAN), a ten-digit alphanumeric number, issued in the form of a laminated card, by the income tax department.

The login portal via which you can file your income tax returns is http://incometaxindiaefiling.gov.in, said the income tax department on its twitter handle @incometaxindia.

(Also Read: Advance Income Tax Payment For FY18: Last Date, Details, Mode Of Payment)
 
Persons mandatorily required to file income tax returns:
All companies, partnership firms, limited liability partnership or LLPs

(Also Read: Things You Should Know Before Filing Your Income Tax Returns)

Trusts, associations, political parties (whose income prior to claim of exemptions exceeds the minimum chargeable to tax)

(Also Read: A Step-By-Step Guide To Store Permanent Account Number (PAN) With DigiLocker)

Individuals and Hindu undivided families (HUFs) having income more than Rs 2.5 lakh [for senior citizens Rs 3 lakh, (age 60 years up to 80 years) and Rs 5 lakh (80 years or more)]

(Also Read: 10 Latest Details On Filing Of Income Tax Returns)

The income tax department also cautioned taxpayers who had deposited huge amounts of cash in their bank accounts/made high value transactions of considering the same while filing their income tax returns. Non-filing or incorrect filing of return of income may result in penalty and prosecution, said the income tax department.


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