- Demonetization and last date to e-file Income Tax return
On 8th of Nov 2016, Prime Minister of India Mr. Narendra Modi announced the ban of currency note of value Rs 500 and Rs 1000 since mid night. Government of India had provided certain time limit to exchange the old Rs 500 and Rs 1000 currency from bank and financial institution.
After Demonetization, a person who has exchanged or deposited the high volume of currency to bank was mandated to file the details of cash deposit in their Annual Income Tax Returns for the A.Y. 2016-17. If a person were unable to file the details of cash deposit or filed incorrect information through his Income Tax Return for that A.Y can now file their belated return or revise his return till 31.3.2018.
- What Happens if you not file the income tax return or revise the incorrect information provided in Income Tax Return?
Guys, in that case be ready to get Income Tax Notice under Section 142 (1) of Income Tax Act, 1961 and several consequences thereafter. Non filing or incorrect filing of Income may attract several interest , penalty or prosecution.
- Which Person Mandatorily required to file the Income Tax Return
- All companies, Firms, LLPs
- Trusts, Associations, Political parties ( Whose Income prior to claim of exemptions exceeds the minimum chargeable to tax
- Individuals & HUFs having income more than
For Citizen age (upto 60 years) Rs 2,50,000
For Senior citizen (age 60 years upto 80 years Rs 3,00,000 and
For Senior citizen (80 years or more ) Rs 5,00,000
- What is the due date for filing of Revised Return for A.Y 2016-17 & 2017-18
31st March 2018 ( with interest , if any, for late filing of Income Tax Return)
- Where can we file my Income Tax Return
ITR can be e-filed at https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html