Press Information Bureau
Government of
India
Ministry
of Finance
12-May-2015
Tracking of High Value Transactions by Income Tax Department; Additional Tax of Rs.
4733.61 Crore Collected and 30,68,662 New Returns Filed due to Non-Filer Monitoring
System
(NMS)
During the year 2013, 2014 and 2015 (up to 31.3.2015), Income Tax Department has through its Non-filer Monitoring System (NMS) identified 12.9 lakh, 22.09 lakh and 44.09 lakh cases respectively, as non-filers of return, though having potential tax liabilities. As a result of the exercise, 30,68,662 new returns have been filed and additional tax of Rs. 4733.61 crore has been collected in the year 2013, 2014 and up to 31.3.2015 in the year 2015. Further follow up action is undeway and similar exercise is also planned to be undertaken in the current financial year.
While identifying
non-filers of return through NMS, the Income Tax Department analyses and assimilates all in-house information as
well as transactional data received from third-party including Annual
Information Return (AIR), Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) statements, Central
Information Bureau (CIB) data etc, to isolate
such persons/entities who have undertaken high value financial transactions but have not filed return. A
total of 79.08 lakh such non-filers have been identified since implementation
of NMS in 2013.
This was stated by Shri
Jayant Sinha, Minister of State in Ministry of Finance in written reply to a
question in the Rajya Sabha today.
