Skip to main content

Taxman Lists Non-filers who Carried Out High-Value Transactions in FY19

By
The income-tax department has drawn up a list of individuals who carried out high-value transactions in financial year 2017-18 but did not file income tax returns. “Analysis was carried out to identify non-filers about whom specific information was available in the database of the department,” the Central Board of Direct Taxes (CBDT) said in a statement on Tuesday.
“The sources of information include statement of financial transactions (SFT), tax deduction at source (TDS), tax collection at source (TCS), foreign remittances, exports and imports,” it said. The Non-filers Monitoring System (NMS) aims to identify and keep a watch on people who enter into high-value transactions and have potential tax liabilities but have not filed their tax returns, it said. “Data analysis 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 FY2017-18),” the statement said.The department has enabled everification for these taxpayers to reduce compliance costs by soliciting their response online.
Taxpayers can access information related to their case from the compliance portal which is accessible through the e-filing portal of the department. A permanent accountholder needs to submit the response on the compliance portal and may keep a printout. The non-filers are requested to assess their tax liability for AY2018-19 and file the income tax returns (ITR) or submit online response within 21 days, it said, adding that 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 CBDT said.

The Economics Times, 23st January 2019

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more