• Posted: 2018-03-31
  • By: Admin

File ITR for last two financial yearsbefore March 31

Department has gone on overdrive this financial year to facilitate filing of belated and revised returns by March 31 to give those who had made large unexplained cash deposits during demonetisation
'to come clean'. March 31 is the deadline to file belated returns for financial year 2015-16 and 2016-17 and revised returns for financial year 2015-16. 

The income tax department's website has a huge advertisement which reminds people that 'Non filing and incorrect filing of income tax return may result in penalty and prosecution.'

Interestingly, the department is simultaneously telling people that "less than 1% of returns are picked up for scrutiny or investigation. The selection of scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human intervention." 

The department has instructed all its tax offices and Ayakar Seva Kendras (ASKs) to remain open from March 29-31 despite being holidays to facilitate taxpayers in filing their returns.