Nudge to file tax returns

New Delhi: The income tax department on Friday urged those who deposited "large amounts of cash" post demonetisation and all companies to file their returns by March 31, failing which they may face penalty and prosecution.

It also cautioned eligible trusts, political parties and associations to file their income tax returns by this final deadline and "come clean".

The department said it was the final call for filing of belated or revised income tax returns (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 filing your ITRs.

"Non-filing or incorrect filing of return of income may result in penalty and prosecution," a public advisory said.

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

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. PTI


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