There are many benefits of filing Income Tax Return. The season for filing income tax return has started again and at present its last date (ITR Last Date) is 31 July. For those whose income is in the tax net, it becomes mandatory to file the return. In such cases, non-filing or late filing of income tax return creates difficulties. In a case of late filing of ITR, recently some people have even been sentenced to jail.
These people got jail sentence
This is the case of Jitendra Jain and Kiran Jain, directors of jewelry companies Saloni Jewelers Pvt Ltd and Yellow Jewelers Pvt Ltd. Both of them have been sentenced to rigorous imprisonment of 6-6 months for filing income tax returns late. Although the case of these two is not common, it is quite different.
later deposited such a heavy tax
This is the case of the assessment year 2014-15 i.e. the financial year 2013-14. Both had not filed ITR on time. However, later he not only filed ITR, but also deposited tax of about Rs 4.50 crore. However, later efforts to rectify the mistake proved insufficient. The court accepted the argument of the government lawyer that both the taxpayers had not made mistake in filing the returns, but they had done so intentionally. This is the reason why the court ordered to send them to jail instead of giving them relief.
Crores of cash became heavy
The public prosecutor argued during the hearing that both the accused are habitual offenders and other such cases are also pending against them. In fact, both the accused had deposited around Rs 12 crore in cash in 2016. On the other hand, his lawyers said in his defense that he was facing financial crisis during the assessment year 2014-15, due to which he was delayed in filing the return.
Deposit was made after demonetisation
The court rejected this argument of the defence. The court said that if the business was running in loss and there were problems, then how did he deposit Rs 12 crore in cash after a few months… This shows that his financial condition was not really bad, but it was an excuse. If they did not have income during the assessment year 2014-15, then from where they would have deposited such a huge amount of cash immediately after demonetisation. This decision of the court came in April, but the copy of the order came out this month.
