Recently Income Tax department has come out with 21 days notice for non filers identified by their Non- Filers Monitoring System

The Finance ministry on 22nd January 2019, identified and requested the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit an online response within 21 days.

In case no ITR filed or no response is provided, the Income Tax department will initiate the proceeding under the Income-tax, 1961.

It is opine that the department have identified recording of the transactions in which assessee has incurred the following transactions but haven’t filed the return, Such cases might have fallen to the line .

1. Cash Payments in the following events in a financial year:

  •  For purchase of bank drafts or pay orders or banker’s cheque, totaling Rs. 10 Lakh.
  • For any pre-paid instruments like smart cards, magnetic chip cards, internet accounts, wallets etc issued by RBI and totaling to Rs. 10 Lakh
  • Cash deposit/withdrawal totaling to Rs. 50 Lakh or more.
  • Cash deposits in one or more accounts amounting to Rs. 10 Lakh by an individual except for deposits in current accounts
  • Cash Payments for the sale of goods or services made by any person of Rs. 2 Lakhs

2. Any Deposits amounting to Rs. 10 Lakhs or more in a single financial year.

3. Any of the following payment in a single financial year by any person:

  • up to Rs. 1 Lakh or more in cash;
  • Rs. 10 Lakhs or more by any other mode,against credit card bills of one or more card

4. Receipt from any personaggregating  to Rs. 10 Lakhs or more in a financial year for acquiring bonds or debentures (other than on renewal) issued by the company or individual.

5. Payment towards shares to a company, amounting to Rs. 10 Lakhs in a financial year.

6. Buy Back of shares by any person, totaling Rs. 10 Lakh or more in a financial year.

7. Receipt of money for acquiring units of mutual funds (in one or more schemes)  acquired by any person totaling to Rs. 10 Lakhs or more in a financial year.

8. Receipt for sale of foreign currency involving credit or expense in such currency through a currency card or debit card or credit card or through traveler’s cheque or draft or any other instrument – an amount ~aggregating to Rs. 10 Lakhs or more during a financial year by any individual.

9. Immovable property bought or sold by any person of an amount of Rs. 30 Lakhs or more or valued at Rs. 30 Lakhs or more by Stamp Authorities.

10. Cash deposits during the interval of 9th November 2016 to 30th December 2016 which sums up to-Rs. 12,50,000 or more, in one or more current account of a person; or

Rs. 2,50,000 or more, in one or more accounts of a person (other than the current account)

11. Cash Deposits between 1st April 2016 to 9th November 2016 in respect of accounts that are reportable as above for Cash deposits during the interval of 9th November 2016 to 30th December 2016.

12. Form 26AS showing details of tax deducted by a person

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