Income Tax Return Alert! Tax evaders beware! CBDT finds out who is not paying tax via this secret system; check now
The CBDT is using data analytics via the Non-filers Monitoring System (NMS) to identify and monitor persons who enter into various transactions and have potential tax liabilities.
Income Tax Return filing crackdown: The Central Board of Direct Taxation (CBDT) is using data analytics via the Non-filers Monitoring System (NMS) to identify and monitor persons who enter into various transactions and have potential tax liabilities, but have still not filed their tax returns. Analysis was carried-out to identify non-filers of income tax returns 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.
Significantly, in this income tax return crackdown, the Income Tax dept, through data analysis system 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.
See the income tax department tweet below:
India vs South Africa 2023-24: T20, ODI, Test Matches Full Schedule, Match Dates, Time in IST, Venues, Squad, Free Live Streaming Details
HDFC SKY redefines share market navigation with advanced demat account app for seamless wealth creation
#CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns or submit online response within 21 days.
— PIB India (@PIB_India) January 22, 2019
Notably, 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.
Income tax return 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.