IT Dept says File returns by March 31 or face action

New Delhi Feb 11: In a Further move to crackdown on Black Money the Income Tax Department on Friday urged the people who deposited "large amounts of cash" post demonetization and all companies to file their returns by March 31, failing which they may face penalty and prosecution.

The dept has also asked "eligible trusts, political parties and associations to file their income tax returns by this final deadline and come clean".

IT Dept had issued advertisements in this regard and said that "it was the final call for the filing of belated or revised ITRs for assessment years 2016-17 and 2017-18.If you have deposited large amounts of cash in your bank account/made high-value transactions, please consider the same while filling your ITRs.Non-filing or incorrect filing of return of income may result in penalty and prosecution".

The dept said that "all companies, firms and limited liability partnership concerns were also required to do so.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".