68 lakh non-filers made high-value transactions

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New Delhi: The 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.

 

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The I-T department is set to initiate action against these people soon.

 

The information was collected from banks and other financial institutions.

 

Data analysis carried out by the Central Board of Direct Taxes+ (CBDT) 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 I-T department’s Non-filers Monitoring System (NMS) which is meant to identify non-filers with potential tax liabilities.

 

A CBDT press release said that the I-T department had identified the 67.54 lakh people by conducting its fifth cycle of data matching.

 

The department is in the process of sending notices to these non-filers 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 escape scrutiny. It said the I-T department would continue to pursue non-filers vigorously.

In more than 760 search and seizure operations after demonetisation of Rs 500 and Rs 1,000 notes+ on November 8, the I-T department has unearthed at least Rs 3,590 crore in unaccounted income. The department has issued 3,589 notices since November 8 to various entities for alleged tax evasion and hawala dealings.

 

 

More than Rs 500 crore has been seized in cash and jewellery during this period, including Rs 93 crore in new currency notes. The I-T department has also referred at least 215 cases to the Enforcement Directorate and 185 to the CBI to further investigation in the matters.

 

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