Thursday, September 4, 2014

Show Cause notices to Non Filers

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.)