Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Saturday, January 27, 2018

31st March,2018 is the last date for filing of Income Tax return for Asst Year 2016-17 and Asst Year 2017-18

Income Tax department is sending notices to all PAN Holders on the E Mail IUDs available with the department or on the addresses available with the department for filing of returns for Asst Year 2016-17 and Asst Year 2017-18.
The Income Tax department is sending notice as given hereunder:

Dear Taxpayer,
Greetings from Income Tax Department.
It is observed that you have not filed the Income Tax Return for ABZPAXXXXN for AY 2017-18.
Therefore, it is advised that you may ascertain your tax liability for AY 2017-18 and file your Income Tax Return (ITR) without any further delay. Last date to file your return for AY 2017-18 is 31st March 2018. However, you are advised to file the Income Tax Return much before the last date to avoid last minute rush.
Please note that the law has changed and ITR for AY 2017-18 CANNOT be filed beyond 31st March 2018.
Please also link your PAN with Aadhaar on the e-Filing website. If your mobile is already linked with Aadhaar, then you can e-verify your ITR using Aadhaar OTP. e-Verification is Simple and Easy, you can e-Verify your return through NetBanking / Pre-Validated Bank Account / Bank ATM / Pre-Validated Demat Account. No need to send ITR-V to CPC Bangalore if you e-verify. To know more on e-Verification click here.
In case you require any assistance in filing of Income Tax Return, please visit www.incometaxindiaefiling.gov.in or call on 1800 103 0025.
Disclaimer: Please ignore this email if you have already filed the IT Return for AY 2017-18.

The Income Tax department is sending the notices on the basis of the information received from
-          Banks for deposits, withdrawals and loans for purchase of property, vehicle or any other assets.
-          Financial institutions for investment in  Mutual Fund and investment in shares or company deposits or loans taken for any purpose i.e purchase  of property or large investment.
-          Registrar of property on sale or purchase of property
-          Builders for receiving of large amounts on account of booking or for assured returns.
-          Insurance Companies for investing or taking high value policies or on maturity of policies.
-          Tour operators and travel agents for booking foreign tickets or high value booking of hotels.
-          Hotels for receiving large payments for booking of party banquets or lawns for parties.
-          TDS payments for making payments after tax deduction from TDS returns.
Every person who has taxable income above Rs.2.50 lacs is liable to file Income tax Return. The Income Tax return is required for VISA, for loan from bank or financial institution for purchase of property, Vehicle or education loan. Generally after receiving VISA application or loan application the applicant is required to submit three years Income Tax Return along with other documents. As per the provisions of Income Tax  Act up to Asst Year 2017-18 the income Tax return can be filed till 31st March of next Financial Year so the income tax return for two years can be filed at any point of time but with the amendment in Finance Act 2017 now the Income Tax return can be filed without any penalty for one year only.

So any person after 31st March, 2018 only return for Asst Year 2018-19 will be filed and 31st March 2018 is the last date to file the Income Tax return  for asst Year 2016-17 and asst Year 2017-18.

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