Non-filers monitoring system by IT Dept will help develop healthy industrial climate: Economist

ENA Economy 2016-12-24 08:36:03 New Delhi, Dec 24 (KNN) The Income Tax Department has identified 67.54 lakh potential non-filers, who carried out high value transactions in 2014-15 but failed to file returns for the assessment year 2015-16, an official statement said on December, 22. The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and TDS/TCS databases. While talking to KNN on the matter, Dr. Yerran Raju, Economist & Risk Management said that transparency is needed in the system, then it will be helpful for the industries. Anything which is transparent is good because unaccounted, un-registered firms going ahead is not good at all. Nobody records production, nobody records entry & exit, the type of condition is not good either for the industry or for entrepreneur said Dr. Raju. It is a positive move and should be done for the betterment and development of the industrial (MSME) sectors, said Manika Premsingh, Economist & Founder, Orbis. As far as Yerran Raju is concerned most of the un-registered firms doesnt submit financial and stock statements, but if it come on record there will gain advantage. Most of these people fail in complaints with the financial issues, they dont submit financial statements and stock statements in time and when unit get back then theyll appear as a defaulter. Once it comes on records they have exemption limits, within which they definitely gain advantage, said Raju. He added that by submitting tax returns the firms can overcome their difficulties. Also appeal the government to make the rules easier. These difficulties will be overcome once he registered under Udhyog Adhar and submit his tax returns. A healthy industrial climate will develop and government should help to make it easier, added Yerram, Economist. The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. A.Y 2015-16. The information relating to the identified non-filers has been made available in the Compliance Module on the e-filing portal of the Income Tax Department. The information will be visible only to the specific PAN holder when they log into the e-filing portal at <a href="https://incometaxindiaefiling.gov.in">https://incometaxindiaefiling.gov.in</a>. The PAN holder will be able to respond electronically and retain a copy of the submitted response for record purpose. While the Government urges all tax payers to disclose their true income and pay taxes accordingly, the Department would continue to pursue the non-filers vigorously till all the high potential non-filers are covered. (KNN/RAS) 16044 http://knnindia.co.in/news/newsdetails/economy/non-filers-monitoring-system-by-it-dept-will-help-develop-healthy-industrial-climate-economist 2016-12-24 08:36:03 knnindia.co.in Non-filers monitoring system by IT Dept will help develop healthy industrial climate: Economist