Last chance now to file Income Tax returns
Posted on: 30/Mar/2018 6:40:27 PM
The Income Tax Department officials have informed that IT returns cannot be filed after 31st March.
The IT payers are briskly filing the IT returns for the financial years 2015-16 and 2016-17 trying to meet the deadline of 31st March.
In this situation, an additional staff of 30 persons has been deployed on special duty from within the IT Department to help and facilitate the customers filing IT returns. The special IT return filing counters have been in operation from 22nd March.
The IT Department officials had this to share:
‘The IT returns for the last 2 financial years must be filed before 31st March. So, in order to facilitate meeting this deadline, the IT filing offices have been working on all public holidays.
The central government has implemented a new system to file the IT returns for the current financial year before the next financial year. In other words, the IT returns for the financial year 2017-18 must be paid before 31st July 2018. Those who fail to do so and file their IT returns after this (filing IT returns before 31st March 2019) deadline will be imposed penalties ranging from Rs. 1000 to Rs. 5000 as the central government has taken the initiatives to modify the related legal act accordingly.
So, those who fail to file their IT returns before 31st March may never be able to file their IT returns.’
The Department of Income Tax has been sending continuous reminders to 20 Lakh customers who have failed so far to file their IT returns. The officials further informed as the deadline of 31st March has fast approached, the IT Department has sent reminders about this to over 20 Lakh customers.
10% of the monthly salary is deducted as TDS (Tax Deducted at Source) from the monthly salaried class earners from their organizations. The people who are under this TDS system tend to feel that they need not file their IT returns. However, from the next financial year, it will be mandatory even for the TDS customers to file their IT returns.
The central government has passed the necessary amendments regarding this. So, the IT officials informed that penalties ranging from Rs. 1000 to Rs. 10000 will be imposed on those who fail to file their IT returns.
