The Central Board of Direct Taxes (CBDT) has decided to give a last chance to persons who have not filed income tax returns for the last two years.
An advisory issued by the Board last day said that such persons can file income tax returns by 31st March 2018.
“Income Tax Department has identified a large number of persons who have not filed income tax returns for the assessment year 2016-17 and 2017-18 although they have made high-value transactions or deposited; a large amount of cash in bank accounts,” the Board said.
The following persons are required to file income tax return mandatorily,
It further said that “If you have deposited large amounts of cash in your Bank account, or made high-value Transactions, Please consider the same while filing your income tax returns. Non-filing or incorrect filing of return of income may result in penalty and prosecution.”
According to the CBDT Advisory, belated returns for the assessment year 2016-17 and 2017-18 and revised returns for the assessment year 2016-17 (with interest, if any, for late filing cannot be filed after 31st March 2018.