Income Tax department has advised all the tax payers to ‘Come Clean’ and file their belated or revised tax return latest by 31st March, 2018, or be prepared to face penalty or prosecution. All the Income Tax payers who have still not filed their income tax return (ITR) for AY2016-17 and 2017-18 or want to revise it then they have time till 31st of March 2018. Post deadline, Income Tax may impose penalty on such defaulted Tax payers.
Follow the below important instruction while Filling Income Tax Returns/Revised returns
1. Report all the cash deposit especially cash exceeding in aggregate of Rs 2 lakh during the demonetization period (8th Nov 2016 to 30th Dec 2016).
2. Add cash deposited during demonitization it in your taxable income if not done so for the year to which it relates and pay the due taxes on it. if required, you can revise the return for F.Y. 2015-16 and 2016-17, if already filed.
3. Unaccounted money are being taxed @ 60% along with the applicable interest and penalty.
4. A taxpayer who has not opted for the PMGKY scheme and offers his black money in his Income Tax Returns will be required to pay total tax and penalty of 77.25 % or 83.25% or 107.25 /137.25% as tax and penalty on your undisclosed income.
5. Reconcile the Income Tax deposited with Form 26AS.
6. Asset and liability schedule is mandatory if your total income exceeds Rs 50 lakh. Declare foreign Income if any.
7. Verify/ e-verify your tax return.
8. Claim on arrears can be considered under section 89(1), but for claiming this relief you should file Form 10E.