Mumbai: With the season to file income tax returns looming round the corner, a new report has said that the I-T department is keeping a tab on 90,000 people who deposited Rs 10 lakh or more cash in their bank accounts during the demonetization drive in November 2016.
According to a report in the Hindu Business Line, nearly 2.1 lakh filed their returns by the March 31, 2018 deadline. The rest will now face action.
“For failure to file returns, tax authorities can send notices and levy penalties ranging between 50% and 200% of the tax liability. Also, the interest on late payment will accrue till the date of tax payment. Non-filing can also lead to prosecution,” the report added.
In April this year, the latest ITR-1 form, largely used by the salaried class of taxpayers was activated on the official e-filing portal of the Income Tax Department.
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, http://www.incometaxindiaefiling.gov.in/home
The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.
The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, had said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.
All the seven ITR forms are to be filed electronically except for some category of taxpayers.