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

Category: Business

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 Read for more - https://vjmglobal.com/gst/gstupdate/page/2/