"I know some of you are concerned about penalty. The I-T Act has a provision where a person voluntarily files his returns and pays the tax and interest income, the authorities can take a benign view and waive the penalty. They have done so in numerous cases in the past. This is your opportunity to file the return, pay interest and apply for waiver of penalty," Finance Minister P Chidambaram said.
So far, FinMin has issued notices to around 105,000 people who didn't file their I-T return reminding them about the consequences of failure in not doing so.
This year the number of people who filed return through electronic mode also went up. About 135,000 electronic returns were filed between February 10 and March 10, compared with 108,000 in the corresponding period of the previous year — an increase of 15 per cent.