Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season

Non-filers will have 21 days to file I-T returns, submit response: CBDT
January, 23rd 2019

The 21-day time period would be from the date of receiving e-mail or SMS from the I-T Department regarding non-filing of tax returns.

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, the CBDT said on Tuesday.

The 21-day time period would be from the date of receiving e-mail or SMS from the I-T Department regarding non-filing of tax returns.

In cases where no return is filed or no response is received for Assessment Year (AY) 2018-19 within the stipulated time, the department would consider initiating proceedings under the Income Tax Act 1961.

The Central Board of Direct Taxes (CBDT) said data analysis has identified "several potential non-filers" who have carried out high value transactions in 2017-18 but have still not filed returns for AY 2018-19.

"Non-filers are requested to assess their tax liability for AY 2018-19 and file the ITR or submit online response within 21 days. If the explanation offered is found satisfactory, matters will be closed online.

"However, in cases where no return is filed or no response is received, initiation of proceedings under I-T Act 1961 will be considered," the CBDT said.

The department carried out an analysis to identify non-filers about whom specific information was available in its database.

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.

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 tax returns.

The department has enabled e-verification of these NMS cases to reduce the compliance cost for taxpayers by soliciting their responses 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," the CBDT said.

Taxpayers can access information related to their case from the ‘compliance portal' accessible through the e-filing portal -- https://incometaxindiaefiling.gov.in.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting