Income Tax Department Sets 21-Day Deadline for Non-Filers Who Carried Out Higher Transactions in 2017–18
It must be noted that 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.
New Delhi, January 23: The Income Tax Department on Wednesday set a 21-day deadline for several potential non-filers who have carried out high-value transactions in 2017-18 but have not filed their returns as yet. The department has urged the non-filers to file returns or submit an online response within 21 days. It must be noted that 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. The Central Board of Direct Taxes (CBDT) in a statement said it 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. How to File Income Tax Online? 5 Easy Websites Which You can Use.
It is the Non-filers Monitoring System (NMS) that identifies and monitors people who enter into high-value transactions and have potential tax liabilities but have still not filed tax returns. According to reports, the department has enabled e-verification of these NMS cases to reduce the compliance cost for taxpayers by soliciting their responses online. How to File Income Tax Online? 5 Easy Websites Which You can Use.
According to a PTI report, in cases where no return is filed or no response is received for Assessment Year (AY) 2018-19 within the stipulated time, the IT department would consider initiating proceedings under the Income Tax Act 1961. "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," the finance ministry said in a statement. New Income Tax Rules for 2018-19: Know Tax Rebates & Standard Deductions Before Filing IT Returns.
The CBDT said that the non-filers are requested to assess their tax liability for AY 2018-19 and file the ITR or submit an online response within 21 days. If the explanation offered is found satisfactory, matters will be closed online. It said, in cases where no return is filed or no response is received, initiation of proceedings under I-T Act 1961 will be considered.
(The above story first appeared on LatestLY on Jan 23, 2019 04:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).