Income Tax department has identified an additional 67.54 Lakh non-filers who carried out high-value transactions in the 2014-15 financial year, but did not file tax returns for 2015-16. The IT department is set to initiate action against the people soon.
Data analysis carried out by the Central Board of Direct Taxes identifies non-filers about whom specific information is available in transaction reports received in its databases from various sources. The analysis is carried out as part of the IT department's Non-filers Monitoring System which is meant to identify non-filers with potential tax liabilities. A CBDT press release said the IT department had identified the 67.54 Lakh people by conducting its fifth cycle of data matching. The department is now sending notices to those asking to now account for their transactions and pay taxes as applicable. The non-filers can access details of their transactions when they log on to the e-filing portal with their PAN, the CBDT said. The PAN holder will be able to respond electronically and retain a copy of the submitted response. The CBDT urged all tax payers to disclose their true income and pay taxes accordingly to prevent coming under the IT's radar. It said the I-T department would continue to vigorously pursue non-filers.
