Deposited ‘large’ amount of cash post note ban, file ITRs by March 31, Details here

The Income Tax Department on Friday urged those who deposited “large amounts of cash” post demonetisation and all companies to file their returns by March 31, failing which they may face penalty and prosecution.

 It said all companies, firms and limited liability partnership concerns were also required to do so.
The deadline is also applicable, it said, to trusts, associations and political parties whose income prior to claim of exemptions exceeds the minimum chargeable to tax.

Individuals and Hindu Undivided Families having income more than Rs 2.5 lakh and senior citizens with income of over Rs 3 lakh (60-80 years of age) and Rs five lakh (over 80 years of age) too need to file their returns for the mentioned assessment years, it said.
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