HIGH VALUE BUYS HELP I-T TO TRACK NON-FILERS
■ I-T wing gives 21 days to non-filers to comply with rules
The income-tax (I-T) department is pursuing individuals who have made high value transactions in 2017-18 but not filed their income tax returns.
The department is identifying the non-filers of income-tax returns through Non-Filers Monitoring System (NMS) by using data analytics.
The taxmen carried out analysis to identify non-filers about whom specific information was available in the database of the income-tax department.
The income-tax (I-T) department is pursuing individuals who have made high value transactions in 2017-18 but not filed their income tax returns.
The department is identifying the non-filers of income-tax returns through Non-Filers Monitoring System (NMS) by using data analytics.
The taxmen carried out analysis to identify nonfilers about whom specific information was available in the database of the income-tax department.
The sources of information include statement of financial transactions, tax deduction at source (TDS), tax collection at source (TCS), information about foreign remittances, exports and imports data among others.
The data analysis identified several potential nonfilers who have carriedout high value transactions in financial year 2017-18 but have still not filed income tax return for assessment year 2018-19 (relating to FY 2017-18), said Central Board of Direct Taxes (CBDT).
“The department has enabled e-verification of these NMS cases to reduce the compliance cost for taxpayers by soliciting their response online. It is reiterated that there is no need to visit any Income Tax office for submitting response, as the entire process is to be completed online,” said CBDT.
“The non-filers are requested to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days. 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,” it said.
The department said that the taxpayers can access information related to their case from the ‘compliance portal’ which is accessible through the e-filing portal of the department.
The PAN holder should submit the response electronically on the compliance portal and keep a printout of the submitted response for record purposes. User Guide and FAQs are provided under the “resources” menu on compliance portal.