NEW DELHI: Cracking a whip on big-time tax dodgers, the Income Tax Department on Thursday identified 67.54 lakh potential non-filers for the financial year 2014-15.
“The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. AY 2015-16,” CBDT said in a statement.
The Non-filers Monitoring System was initiated by Central Board of Direct Taxes (CBDT) for identification of non-filers with potential tax liabilities. The non-filers have been identified based on data analytics carried out by the Systems Directorate of CBDT about whom specific information is available in the Annual Information Return (AIR), Central Information Branch and TDS/TCS databases.
The IT department has come out with a “Statement of financial transaction or reportable account” which was previously known as AIR, to track all high value transactions. As per section 285BA of the Income Tax Act, it has been made mandatory for the “specified persons/entities” to report transactions prescribed under rule 114E of the income tax act.
“While the Government urges all tax payers to disclose their true income and pay taxes accordingly, the Department would continue to pursue the non-filers vigorously till all the high potential non-filers are covered,” according to the statement.
The information relating to the identified non-filers has been made available in the Compliance Module on the e-filing portal of the Income Tax Department The information will be visible only to the specific PAN holder when they log into https://incometaxindiaefiling.gov.in. The PAN holder will be able to respond electronically and retain a copy of submitted response for record purposes, added CBDT.