CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

[toc]

1. CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

Based on the following source of information, Non-Filers Monitoring System (NMS) identify / monitors the persons who enter into high value transactions and have potential tax liabilities, however, the tax return of such person are still not filed such as –

  • Statement of Financial Transaction,
  • Tax Deduction at Source,
  • Tax Collection at Source,
  • Information about foreign remittances,
  • Export and imports data etc.

With a view to reduce the compliance cost of the taxpayer, the department has enabled e-verification of all these Non-Filers Monitoring System (NMS) cases.

Information relating to the Non-Filers Monitoring System (NMS) cases is available from the ‘Compliance Portal’ and the same is accessible through https://incometaxindiaefiling.gov.in.

Response to the Non-Filers Monitoring System (NMS) cases has be submitted electronically. Non-filers are required to assess their tax liability for A.Y. 2018-19 and file the income tax return or submit online response within 21 days.

Source: Press Release

2. CBDT clarification On Prosecution Notices

CBDT taking stand against misleading information of enmasse issue of prosecution notice to the small companies for TDS default, stated that only in 50 big cases prosecution notices has been issued by the Mumbai IT TDS office.

CBDT stated that the prosecution notices has been issued in a limited number where more than INR 5 Lakhs of tax was collected as TDS from the employee and not deposited to the income tax department. Here’s all that you need to know about New reduced TDS Rate for Fy 2020-21

Out of the prosecution notices being issued, 80% cases are such where TDS tax default is above INR 10 Lakhs, 10% cases are such where TDS tax default is between INR 5 Lakhs to INR 10 Lakhs and the remaining 10% cases are such where TDS tax default is more than INR 1 crore.

Source: Press Release

3. Approval to the creation of the National Bench of The Goods And Service Tax Appellate Tribunal (GSTAT)

The Union Cabinet approved creation of the GSTAT.

GSTAT shall be headed by the President and shall consist of one Technical Member (Centre) and one Technical Member (State).

GSTAT is the forum of second appeal in the GST laws and the first common forum of the dispute resolution between Centre and States.

GSTAT being a common forum will ensure that there is a uniformity in redressal of disputes arising under GST.

Source: Press Release

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Related Post
IEC details need to be confirmed every year to keep it remain active

IEC details need to be confirmed every year to keep it remain active

In the recent Notification No. 28/2015-2020 dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.

Read More »



Want to talk to us

Leave your Name, email, Phone number along with what you are looking for in message box or you can call us at 011-41715118

V J M & Associates LLP

Contact Us

Not found what you are looking for

Write us for Article request, Feature request or any specific query

Great! Sharing is good

Share on facebook
Share on linkedin
Share on twitter
X