New Delhi, Jan 23 (KNN) The income tax department 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 requested these non-filers to assess their tax liability for assessment year 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days.

In a statement, Ministry of Finance said “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.”

To identify and monitor persons who enter into high value transactions and have potential tax liabilities but have still not filed their tax returns, whom specific information was available in the database of the Income Tax Department was analyzed through Non-filers Monitoring System (NMS).

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. 

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. 

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.