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FINANCE MINISTRY TELLS NON-ITR FILERS TO SUBMIT ITR OR REPLY TO TAX QUERY WITHIN 21 DAYS – THE ECONOMIC TIMES

Data analysis has identified several potential non-filers who have carried out high value transactions in FY2017-18 but have still not filed ITR for AY2018-19.

The finance ministry has, via data analysis, identified several individuals as potential non-filers who have carried-out high value transactions in Financial Year 2017-18 but have still not filed Income Tax Return (ITR) for Assessment Year 2018-19 (relating to FY 2017-18), as per a series of tweets from the finance ministry handle today.

Non-filers have been requested to assess their tax liability for AY 2018-19 and file their ITR or submit online response within 21 days. If the explanation offered is found to be satisfactory, matters will be closed online, say the tweets. However, in cases where no tax-return is filed or no response is received, initiation of proceedings under the Income-tax Act, 1961 will be considered, the tweets add.

ITR filing is mandatory for individuals having income above the minimum tax-exemption limit.

Similar efforts in earlier years had led to filing of over 1.72 crore returns by persons identified which yielded tax of Rs 26,425 crore till December 2017, according to a reply by the finance minister Arun Jaitley in Lok Sabha, PTI reported in February, 2018.

The Non-filers Monitoring System (NMS) of Central Board of Direct Taxes (CBDT) 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. The sources of information include Statement of Financial Transactions (SFT),TDS, Tax Collection at Source (TCS) & foreign remittances etc.

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).

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.