Now as the year ended, file your IT return before its too late

With the start of new financial year, it would soon be time for taxpayers to file their income tax returns. If you are one of the around 4 crore taxpayers in this country, you should make sure that you file your returns before the deadline is over.

Remember, if you do not file your income tax returns timely, you will be responsible to pay the compulsory penalties. In that case, you will also need to respond to the notices sent by Income Tax Department which would be system-generated.

If you miss the deadline to file your IT return on the due date, your tax records might subject to a detail scrutiny.

This fiscal year, the revised tax laws will be applicable which may lead you to more scrutiny or notices from the tax sleuths, as the Department has become system-based instead of implementation being at discretion of an officer. It will further help to catch defaulters too.

However, there will be no scrutiny for the person filing the returns for the first-time and having income less than Rs 5 lakh.