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
Subscribe to:
Post Comments (Atom)
Recent Landmark GST Judgments: A Comprehensive Overview
The Goods and Services Tax (GST) regime continues to evolve through judicial interpretations. From the Supreme Court to various High Court...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
In a significant development, the Supreme Court has dismissed the Revenue’s Special Leave Petition (SLP) challenging a Bombay High Court (...
-
Sr No Due Date Related to Compliance to be made 1. 11.06.2026 GST ...
-
The introduction of the Goods and Services Tax Appellate Tribunal (GSTAT) has brought significant changes to the pre-deposit framework for...
-
Selling a property can trigger a significant tax liability in the form of capital gains tax. However, the Income-tax Act, 1961, allows you...
-
With the government making Aadhaar Card ( unique identification card ) mandatory in procuring LPG connections, issuing passports, sale or...
-
This is to update you on procedure prescribed by the Office of the Development Commissioner, Karnataka Sub Zone (the “Office”) to be foll...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
MARRIAGE EXPENSES - POWERS OF I.T. AUTHORITIES In the recent past the Income Tax Department has been concentrating on collecting informat...
-
The provision of a corporate guarantee, where one company pledges to cover the financial obligations of another (often a subsidiary or affil...
No comments:
Post a Comment