Mumbai: The income tax department may shoot you with a notice if you file incorrect tax return, as the authorities work day in and day out to spread awareness about tax filing exercise so as to fully educate taxpayers with little or less knowledge about the crucial practice.
The Central Board of Direct Taxes this year had extended deadline for filing income tax returns for fives days from July 31 to August 5, as the tax filing website had witnessed huge rush on to it on July 31, the preliminary deadline.
Every year between July and November, taxpayers including individuals, Hindu Undivided Families and companies are required as per the law to file their tax returns for the preceding financial year that ended in March of the same year.
It may be noted that tax filed for financial year 2016-17 is considered as tax filed for assessment year 2017-18.
The I-T department expects taxpayers to reveal each and every information related to their earnings. Apart form salary income, tax sleuths also seek for information concerned with total assets and liabilities. They also want to know assets and liabilities in a foreign country, if any.
"While a salaried person, not having other sources of income, is generally not required to furnish many details, taxpayers having other sources of income and having significant assets are required to report such assets and liabilities as well," a report in The Financial Express said.
A tax filing exercise involves many steps right from filling up the form to submitting it. And if you are filing an online return then you will have to verify it either by posting a duly signed ITR-V form to CPC in Bengaluru or sign it 'digitally' and upload it in your online tax account.
The e-verification of income tax return forms part of I-T department's efforts that aim that taxpayers file a correct return. "It is also important to note that while many taxpayers file their tax returns with the help of chartered accountants and finance professionals, the primary responsibility of true and correct information remains with the concerned taxpayer only," the FE report added.
As the government has now made quoting of Aadhaar number mandatory at the time of filing income tax returns, tax sleuths now have more chance than earlier to scrutinise returns. The directive stipulating linking of Aadhaar and PAN has also given teeth to tax authorities.
Under the prevailing scenario, any 'irregular' tax filing exercise will not be able to dodge the eyes of tax sleuths. Armed with with Aadhaar-PAN tool in hand, the I-T department has started cross checking each and every return filed this year and they may start dispatching notices if they found any 'irregularity'.
