Income tax return filing season has started. However, this time taxpayers have got more time to file returns. Taxpayers can file ITR by 15 September. The deadline for filing returns is usually July 31. Tax experts say the Central Board of Direct Taxes (CBDT) may have increased the deadline, but taxpayers should not wait for the last date to file returns. The reason for this is that you may make a mistake in hasty in filing returns close to the deadline, which may have to pay a large price.
The Income Tax Department wants to bring more and more people under the Compliance. For this, he is constantly making his monitoring system strong. He monitors the high value transactions of the people. The department feels that if the high value transaction of a taxpayers does not match with his income, he sends a notice to the taxpayer. Therefore, you need to be very careful in income tax return filing. You have to keep in mind that it is necessary to tell about every income small and small in the return. If you have a profit from investing in cryptocurrency, then you have to tell about it in returns.
A tax consultancy firm partner said, “You should take full seriousness in the matter of income tax return. Before filing the return, you should gather complete information about your income. If you forget to tell about an income in the return, then later you can get the notice of income tax department. If you have done this intentional, you can get stuck in a big problem.”
In section 276C of the Income Tax Act, 1961, it has been told what steps can the Income Tax Department take against it if the taxpayers are proved. These include claiming wrong deductions, using fake receipts or certificates for deduction, action taken on not telling about any income in income tax return. According to this section, if taxpayers are found guilty, they may have to pay penalty up to 200 % of their tax liability. Not only this, he may also have to go to jail.
Section 276C states that if the taxpayer deliberately steals tax and the theft amount is more than Rs 100000, then he can be sentenced to jail. The first punishment will be for 6 months, but later it can be extended to 7 years. Also, penalty can also be imposed on the taxpayer. Tax experts say that if the taxpayers inadvertently forget to tell any income, then they do not need to be afraid. When it is remembered, he can file revised returns. If you do not remember later and the Income Tax Department sends you notice, then you can tell the department the right thing.