If you haven’t filed your income tax return yet, you have few days left to do so to avoid legal proceedings. Individuals who have not filed their income tax returns (ITR) for the assessment year 2018-19 should do the same within 21 days to avoid proceedings under the Income Tax Act, news agency IANS (Indo-Asian News service) reported citing a government statement. The Central Board of Direct Taxes (CBDT) had identified through the Non-filers Monitoring System several potential individuals who had carried out high value transactions in financial year 2017-18 but had still not filed returns, the agency reported.
Here are 10 things to know about CBDT’s warning to non-ITR filers:
CBDT carried out an analysis to identify non-filers about whom specific information was available in its database of the Income Tax Department.
“Non-filers are requested to assess their tax liability for assessment year 2018-19 and file the ITR or submit online response within 21 days,” it said in the statement.
“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,” it added.
It reiterated that there was no need to visit any Income Tax office for submitting a response as the entire process can be completed online.
Taxpayers can access information related to their case from the compliance portal’ accessible through the e-filing portal- incometaxindiaefiling.Gov.Inhttp://incometaxindiaefiling.Gov.In.
Meanwhile, the CBDT has directed the I-T department to withdraw all appeal cases from various courts by this month-end as part of the government’s drive to end frivolous litigations.
These include cases pertaining to certain monetary limits and parameters.
The entire exercise of withdrawal of appeals must conclude by the end of the month and withdrawal figures should be intimated to the board by January 3.
CBDT or Central Board of Direct Taxes, a statutory authority functioning under the Central Board of Revenue Act, 1963, is the apex policymaking body of the Income Tax Department.
The officials of the board function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.