If you have deposited large amounts of cash in your bank account or made high value transactions and not mentioned the same while filing income tax return, please consider filing a revised return by March 31.
Not doing so, you may end up paying penalty and even liable for prosecution. The Income Tax Department is watching you closely.
After sending text messages to individual cases, the IT department has come out with advertisements in national dailies asking non-filers to come clean.
"Come clean. There is still time. Belated or revised returns for the assessment year 2016-17 and 2017-18 can still be filed up to March 31 with interest if any or late filing," the public notice said.
"Non-filing or incorrect filing of return of income may result in penalty and prosecution," it said.
Besides individual and Hindu Undivided Families with income more than Rs 2.5 lakh, those liable to file income tax return are all companies, trusts, associations and political parties whose income prior to claim of exemptions exceeds the minimum chargeable to tax.
For senior citizens aged between 60-80 years, the income tax exemption limit is Rs 3 lakh and those above 80 years of age, the limit is Rs 5 lakh.
(Published 09 February 2018, 12:58 IST)
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