New Delhi: The Central Board of Direct Taxes (CBDT) has given 21 days to those who have not yet filed their Income Tax Returns (ITRs) for assessment year 2018-19 and avoid proceedings under the Income Tax Act.
CBDT said that 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)
“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,” an official release said.
The Department has enabled e-verification of these Non-filers Monitoring System (NMS) cases to reduce the compliance cost for taxpayers by soliciting their response online. It added that there is no need to visit any Income Tax office for submitting response.
Taxpayers can access information related to their case from the ‘Compliance portal’ which is accessible through the e-filing Portal of the IT department.
The PAN holder should submit the response electronically on the Compliance Portal and keep a printout of the submitted response for record purposes.