The Non-filers Monitoring System (NMS) 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), Tax Deduction at
Source (TDS), Tax Collection at Source (TCS), information about foreign
remittances, exports and imports data 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).
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. Taxpayers can access information related to their case from
the ‘Compliance portal’ which is accessible through the
e-filing Portal of the Department at https://incometaxindiaefiling.gov.in. 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.
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.
(Press release, Dated: 22-01-2019)
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