Notices Incoming for Non-Filers- An action under section 148 in process

 

The IT Department has identified non-filers and is issuing Section 148A notices for FY 2018-19 to 2020-21.

All those who have skipped filing ITR despite taxable income are getting the notices now.

How are they finding non filers?
The tax department analyzed data from:
– AIS, TDS/TCS Statements, SFT Data
– Import-Export Transactions
– High-Value Transactions & Bank Deposits

What Happens Now?
– Notices under Section 148A will be issued for past non-compliance.
– For AY 2021-22, the deadline to issue notices (if tax due is below ₹50 lakh) is March 31, 2025.
– AY 2019-20 cases above ₹50 lakh will also see action before March 31, 2025.

Can You Avoid This?
It’s too late to file ITR-U (deadline was March 31, 2024), but you still have some options:
– Apply for condonation of delay (takes time, uncertain outcome)
– Pay due taxes with interest (may reduce penalties but won’t stop the notice)
– Respond promptly if you receive a notice – tax records may contain errors, so ensure accurate replies.

Hefty Consequences Await Non-Filers!
If flagged, you could be taxed under Sections 68-69D for unaccounted money, attracting 115BBE tax rates (up to 78%).

Key Takeaway
Missed filing past ITRs? Expect notices soon. Proactive damage control is your best bet now.