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Black Money Crackdown: IT Department Gives Taxpayers Until March to Come Clean
February 19, 2018
The Income Tax department recently tweeted a public warning for the black money hoarders asking them to “come clean” by the end of the current fiscal year or otherwise prepare for penalty or prosecution depending on the case. It is said that revised returns for assessment year (AY) 2016-17 and 2017-18 can still be filed up to March 31st, 2018.
The department also said that if a person has deposited large amounts of cash in their bank accounts or transferred the same to other accounts, then they should also consider the same when filing the returns.
