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LATEST NEWS UPDATES | I-T lens on 68 lakh non-filers who made high-value transactions

I-T lens on 68 lakh non-filers who made high-value transactions

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published Published on Dec 23, 2016   modified Modified on Dec 23, 2016
-The Times of India

NEW DELHI: The income tax department has identified an additional 67.54 lakh non-filers who carried out high-value transactions in the 2014-15 financial year, but did not file tax returns for 2015-16.

The I-T department is set to initiate action against these people soon.

The information was collected from banks and other financial institutions.

Data analysis carried out by the Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in transaction reports received in its databases from various sources. The analysis is carried out as part of the I-T department's Non-filers Monitoring System (NMS) which is meant to identify non-filers with potential tax liabilities.

A CBDT press release said that the I-T department had identified the 67.54 lakh people by conducting its fifth cycle of data matching.

The department is in the process of sending notices to these non-filers to now account for their transactions and pay taxes as applicable.

The non-filers can access details of their transactions when they log on to the e-filing portal with their PAN, the CBDT said.

The PAN holder will be able to respond electronically and retain a copy of the submitted response.

The CBDT urged all tax payers to disclose their true income and pay taxes accordingly to escape scrutiny. It said the I-T department would continue to pursue non-filers vigorously.

Please click here to read more.

The Times of India, 23 December, 2016, http://timesofindia.indiatimes.com/business/india-business/i-t-lens-on-68-lakh-non-filers-who-made-high-value-transactions/articleshow/56129941.cms


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