News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 CBDT says income tax shortfall 'non-neogtiable', instructs top brass to pull up their socks to meet FY20 target
 Are you really saving your taxes? Know your Tax slabs & review your investment plans now!
 Notification No.05/2020 Central Board Of Indirect Taxes And Customs
 Notification No.05/2020 Central Board Of Indirect Taxes And Customs
 Should you invest in NPS just to get additional tax benefit?a
 CBDT relaxes eligibility conditions for filing of ITR Form-1 Sahaj and Form-4 Sugam
 CBDT extends till January 31 deadline for compounding of I-T offences
 CBDT lifts bar on some tax payers to file tax return in forms Sahaj, Sugam
 Simple ITR-1 income tax return form not for those paying ?1 lakh in electricity bill, owning house jointly
 CBDT notifies ITR-1 and ITR-4 for the AY 2020-21
 Notification No.01/2020 Central Board Of Indirect Taxes And Customs

Finance ministry tells non-ITR filers to submit ITR or reply to tax query within 21 days
February, 25th 2019

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting