Tracking of High Value Transactions by Income Tax Department; Additional Tax of ₹ 4733.61 Crore Collected and 30,68,662 New Returns Filed due to Non-Filer Monitoring System (NMS)

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..... Tracking of High Value Transactions by Income Tax Department; Additional Tax of ₹ 4733.61 Crore Collected and 30,68,662 New Returns Filed due to Non-Filer Monitoring System (NMS) - News and Press Release Dated:- 13-5-2015 - News - During the year 2013, 2014 and 2015 (up to 31.3.2015), Income Tax Department has through its Non-filer Monitoring System (NMS) identified 12.9 lakh, 22.09 lakh .....

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..... and 44.09 lakh cases respectively, as non-filers of return, though having potential tax liabilities. As a result of the exercise, 30,68,662 new returns have been filed and additional tax of ₹ 4733.61 crore has been collected in the year 2013, 2014 and up to 31.3.2015 in the year 2015. Further follow up action is undeway and similar exercise is also planned to be undertaken in the current fin .....

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..... ancial year. While identifying non-filers of return through NMS, the Income Tax Department analyses and assimilates all in-house information as well as transactional data received from third-party including Annual Information Return (AIR), Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) statements, Central Information Bureau (CIB) data etc, to isolate such persons/entities who .....

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..... have undertaken high value financial transactions but have not filed return. A total of 79.08 lakh such non-filers have been identified since implementation of NMS in 2013. This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Rajya Sabha. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - .....

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..... taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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