Tax non-filers.. beware.. IT Department is keeping a watch..!

New Delhi, January 23: Do you file your Income Tax returns in time..? If yes, no worries at all..! If not, get going at a faster pace. The Government has set up a system that recognises the non-filers backed by detailed analysis. The individuals who have carried out high value transactions but have not filed their income tax returns for the assessment year 2018-19 would get 21 days time to submit their responses online.

 

 

The Non-filers Monitoring System aims to identify and monitor persons who enter into high value transactions and have potential tax liabilities but have still not filed their tax returns. Analysis was carried-out to identify non-filers about whom specific information was available in the database of the Income Tax Department.

 

“Non-filers are supposed 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”, confirmed the department.

 

 

 

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.

 

 

 

Amongst others, the sources of information include Statement of Financial Transactions, Tax Deduction at Source, Tax Collection at Source and information about foreign remittances, exports and imports data.

 

Data analysis has identified several potential non-filers who have carried-out high value transactions in year 2017-18 but have still not filed Income Tax Return for the same. The department however is set to take legal action after the given time slot od 21 days culminates.