NEW DELHI: The income-tax department has drawn up a list of individuals who carried out high-value transactions in financial year 2017-18 but did not file income tax returns. “Analysis was carried out to identify non-filers about whom specific information was available in the database of the department,” the Central Board of Direct Taxes (CBDT) said in a statement on Tuesday.
“The sources of information include statement of financial transactions (SFT), tax deduction at source (TDS), tax collection at source (TCSNSE -0.95 %), foreign remittances exports and imports,” it said.
The Non-filers Monitoring System (NMS) aims to identify and keep a watch on people who enter into high-value transactions and have potential tax liabilities but have not filed their tax returns, it said. “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 (relating to FY2017-18),” the statement said.
The department has enabled everification for these taxpayers to reduce compliance costs by soliciting their response online.
Taxpayers can access information related to their case from the compliance portal which is accessible through the e-filing portal of the department. A permanent accountholder needs to submit the response on the compliance portal and may keep a printout .
The non-filers are requested to assess their tax liability for AY2018-19 and file the income tax returns (ITR) or submit online response within 21 days, it said, adding that if the explanation offered is found to be satisfactory, matters will be closed online .
However, in cases where no return is filed, or no response is received, initiation of proceedings under the Income-tax Act, 1961 will be considered, the CBDT said.
Source : PTI