Income Tax: Do not delay anymore in filing ITR for FY19, know what experts say

Income Tax: Do not delay anymore in filing ITR for FY19, know what experts say
On 29 July, the government had extended the deadline for filing income tax returns for the financial year 2018-19 once more, giving relief to the taxpayers. It is estimated that the deadline will not be extended any further. A nationwide lockdown was implemented in the country from 22 March 2020 in the wake of the Corona virus epidemic. This disrupted all activities. With the last date of the financial year 31 March also coming in lockdown period, the government had to go ahead with several deadlines, one of which is the deadline for filing income tax returns.

Received Notice From Income Tax Department?

If a person does a high-value cash transaction, he is likely to get a notice from the Income Tax Department. 

Banks, mutual fund houses, brokers, and property registrars are involved in various cash transactions. Always inform the Income Tax Department if the value of high-value transactions exceeds a certain limit.

The Income Tax Department has tied up with several government agencies to obtain financial records of individuals who conduct high-value transactions but do not file tax returns.