Less than 1% of IT Returns selected for Investigation: CBDT asks to file ITR without Fear

The Central Board of Direct Taxes (CBDT) has clarified that only less than one percent income tax returns are selected for scrutiny or investigation by the Income Tax Department. So, Why fear? Pay your income tax returns now, the Board said.

Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface.

As per an advisory issued by the Board, the following persons required to file Income Tax Return mandatorily.,

1. All Companies, Partnership Firms, LIPs
2. Trusts, Associations, Political Parties [whose income prior to claiming of exemptions exceeds the minimum chargeable to tax]
3. Individuals & HUFS having income more than Rs.2.5 lakhs
4. For senior 0rtizeos.Rs.31alch (age 60 years up to 80 years) and it’s 5Iakh (age 80 years (more)

It further said that if a person has deposited large amounts of cash in your bank account/made high-value transactions last year, he has to consider the same while filing his Income Tax Returns. Non-filing or incorrect filing of return of income may result in penalty and prosecution, it said.

Belated returns for A.Y. 2016-17 & A.Y. 2017-18 and revised returns for A.Y. 2016-17 (with interest, if any, for late filing) cannot be filed after 31^st March 2018.

Log on to e-filing portal at https://incometaxindiaefiling.gov.in to file your Income Tax Return, easily and securely!