Bad news awaits those who have still not filed I-T returns for FY18. The Finance Ministry is identifying and monitoring the candidates who entered into high-value transactions and have potential tax liabilities using Non-filers Monitoring System (NMS), the government said on Tuesday. The Central Board of Direct Taxes (CBDT) carried out an analysis to identify non-filers about whom the database of the department held information.
The department used Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), information about foreign remittances, exports and imports data, among others as source of information, the government said in a statement.
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“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 FY 2017-18),” it added.
In order to cut down the compliance cost for taxpayers, CBDT has enabled e-verification of the NMS cases for soliciting their responses. It removes the need to visit any I-T office for submitting response, the government also said.
“Taxpayers can access information related to their case from the ‘Compliance portal’ which is accessible through the e-filing portal of the Department at incometaxindiaefiling.gov.in,” it added.
The non-filers have been asked to file the returns 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,” the government noted.
via Haven’t filed I-T returns yet? Beware, Finance Ministry tracking non-filers using data analytics – The Financial Express