Posted On: 22 JAN 2019 5:54PM by PIB Delhi
- Via Non-filers Monitoring System (NMS) CBDT identifies and monitors person who enter into high value transactions and have potential tax liabilities, however, they have still not filed any ITR.
- Recently, an Analysis is carried-out to identify non-filers about whom specific information is available in the Income Tax Department database. The sources of information include Tax Deduction at Source (TDS), Statement of Financial Transactions (SFT), Tax Collection at Source (TCS), Foreign Remittances Data, Exports-Import Information etc.
- As per the analysis, there are several potential non-filers who have carried-out high value transactions in Financial Year 2017-18, however, have still not filed ITR for AY 2018-19 (ie FY 2017-18).
- IT Deptt has enabled e-verification of these NMS cases to reduce the compliance cost for taxpayers by soliciting their response online, where there will be no need to visit the IT Deptt as the entire process can be completed online.
- Taxpayers can access their information in this regard in the ‘Compliance portal’ which is accessible online at https://incometaxindiaefiling.gov.in.
- The PAN holder can submit their response electronically on the Compliance Portal and keep a printout of the submitted response for record purposes.
- Non-filers are advised to assess their tax liability for AY 2018-19 and file the ITR or submit a response (online) 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, proceedings under the Income-tax Act, 1961 can be initiated.
This Article is helpful for various assesses including Companies, Individuals, Firm, NRIs, PIOs and Others. Further, it clarifies various queries e.g:
- I am an Individual. I have made certain high value transactions in FY 2017-18, however, I have not filed any Income Tax Return. Is there any check on this? Do I need to file any ITR or file any response to the IT Deptt? Whether IT deptt can enquire me or trace me despite I have not filed any ITR?
- I am an NRI and I have not filed my ITR for AY 2018-19? What are the consequences?
- I don’t file any ITR. However, I have done certain high value transactions during FY 2017-18 and thereafter year. What are consequences?
- There are certain TDS deducted on my income. However, I have not filed any ITR for same? What are the regulations in this regard?
- What is Non-Filer Monitoring System?
- What are the Compliance/Regulations under Non-Filer Monitoring System?
NRI News: January 22, 2019