Dealt in high-value transaction in FY18 but not filed tax returns? CBDT says do so now

Updated: 22 Jan 2019, 08:13 PM IST

Dhirendra Tripathi

• The 21-day time period will be from the date of receiving the e-mail or SMS from the I-T department regarding non-filing of tax returns
• Filers have been advised to file their responses online and not approach any income-tax office 
• NEW DELHI: The Central Board of Direct Taxes (CBDT) today said it had identified several people who had undertaken high-value transactions in 2017-18, but had not filed their tax returns. It said these people could do so now and file their tax returns, if liable to do so, in the next 21 days.
  The release advised the filers to not approach any income-tax office and simply file their response online.
  “Non-filers are requested to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days. 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," according to a press release posted on the PIB website.
  The release said CBDT had carried out analysis to identify non-filers about whom specific information was available in its database. The sources of information included statement of financial transactions, tax deduction at source, tax collection at source, information about foreign remittances, exports and imports data etc.
  The data analysis identified several potential non-filers who had carried out such high-value transactions in the last fiscal year, but had still not filed their income tax return for assessment year 2018-19.