Recently CBDT is identifying the filers through Non-filers Monitoring System (NMS) by using Data Analytics and requesting the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days.
The Non-filers Monitoring System (NMS) is a pilot project to prioritise action on non-filers with potential tax liabilities. Data analysis was carried out to identify non-filers about whom specific information was available in various sources such as Annual Information Return (AIR), Centralised Information Branch (CIB), TDS/TCS Statement etc. The identified non-filers are informed by SMS, e-mails and letters in batches.
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 FY 2017-18).
The tax payers can submit the response online without visiting the Income Tax Office. The Tax payer can submit the response online on the online and keep a printout of the submitted response for record purposes. 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.
We @ EZTax.in considered this as an opportunity for some to respond and close the matter with in a stipulated time and for others its not giving enough time when the deadline to efile for AY 2018-19 is up to Mar 31st per earlier circulars.
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