The Central
Board of Direct Taxes (CBDT) has instructed the income-tax officials to send show
cause notices for non-filing of income returns and initiate prosecution against
non-filers of returns & those who make high-value cash transactions.
The CBDT has instructed field officers to use the two
provisions
-
To penalise non-filers — a R5,000-penalty for not filing returns
-
To initiate prosecution proceeding for wilful attempt to conceal
income.
So Income
Tax Department will be sending enquiries and show cause notices to non – filers
and tax evaders and having high-value
cash transactions.
So every PAN holder having income subject to Income Tax should file The Income Tax Return before getting the notice from IT Department.
Contributed By Ms Pooja Aggarwal ( Article Assistant at Sandeep Ahuja & Co.)
