(Income Tax News) – CBDT identifies 20.4 Million non-filers, to issue notices

The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent —popularly known as ‘dropped filers’. The NMS data shows a sharp increase in non-filers since 2013. In 2014, the number of non-filers was 1.22 million, which surged to 6.75 million in 2015. The number of dropped filers in FY18 stood at 2.52 million, down from 2.83 million in FY17.This information may be acted upon as efficiently as possible to widen the tax base. ( source Business standard.com )

An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine. The period could be extended if the taxable income exceeds Rs 25 lakh.

 

Visit www.papertax.in and speak to your dedicated tax adviser for any further queries with regards to Income tax & G.S.T. matters, or download paper tax mobile application from Google play store to stay updated for any legal updates. You can also contact us on our help desk 844844 8821.

 

 

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