Tracking of High Value Transactions by Income Tax Department; Additional Tax of 4733.61 Crore Collected and 30,68,662 New Returns Filed due to Non-Filer Monitoring System (NMS)

Tracking of High Value Transactions by Income Tax Department; Additional Tax of 4733.61 Crore Collected and 30,68,662 New Returns Filed due to Non-Filer Monitoring System (NMS) https://www.taxtmi.com/news?id=14485 The Non-filer Monitoring System (NMS) identifies persons and entities undertaking high value financial transactions who have not filed returns by analysing in house and third party data (AIR, TDS/TCS, CIB). NMS identification prompted filing of over thirty lakh new returns and collection of additional tax revenue during 2013-2015, and follow up compliance actions are ongoing with similar exercises planned. en-us Wed, 13 May 2015 10:02:06 +0530 Wed, 13 May 2015 10:02:06 +0530 TaxTMI RSS Generator Tracking of High Value Transactions by Income Tax Department; Additional Tax of 4733.61 Crore Collected and 30,68,662 New Returns Filed due to Non-Filer Monitoring System (NMS) https://www.taxtmi.com/news?id=14485 The Non-filer Monitoring System (NMS) identifies persons and entities undertaking high value financial transactions who have not filed returns by analysing in house and third party data (AIR, TDS/TCS, CIB). NMS identification prompted filing of over thirty lakh new returns and collection of additional tax revenue during 2013-2015, and follow up compliance actions are ongoing with similar exercises planned. News - Wed, 13 May 2015 10:02:06 +0530 https://www.taxtmi.com/news?id=14485