Tuesday 22 January 2019

CBDT identifies non-filers, gives 21 days time to file online-response

CBDT identifies non-filers (who enter into high value transactions and have potential tax liabilities but have still not filed their tax returns ) through Non-filers Monitoring System(NMS) by using Data Analytics (sourcing information from SFT statements, TDS/TCS statements, foreign remittances details etc); Data analysis has identified several potential non-filers who have carried out high value transactions in Financial Year 2017-18 but have still not filed Income Tax Return for Assessment Year 2018-19; Enables e-verification of these NMS cases, states that Taxpayers can access information related to their case from the ‘Compliance portal’ which is accessible through the e-filing portal of the Department, re-iterates that "there is no need to visit any Income Tax office for submitting response"; Requires non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days;  States that upon satisfactory explanation, matters will be closed online, however, in cases where no return is filed or no response 

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