File your I-T return on time or you may end up in jail like this jeweller
If you have received a notice for not filing income tax returns within due date, you might want to pay heed to it. In what could probably be the first such instance, a director of Mumbai-based firm Ms Shah Time and Jewels was sentenced to jail for three months on Wednesday for not filing income tax returns within the due date for the assessment year 2014-15, according to The Times of India. When repeated notices sent to the firm and its director Paresh C Shah did not elicit any response, the deputy commissioner of Income Tax on November 22, 2017, filed a show cause notice seeking an explanation as to why sanction for their provision should not be given under the Income Tax Act. After that also went unanswered, a complaint was filed against Shah and the firm. The Ballard Pier magistrate court rejected Shah's defence of 'lack of knowledge' and held him and the firm guilty of deliberate non-compliance. The court observed that imprisonment under the Income Tax Act wa...