As many as 67.54 lakh potential non-filers, who carried out transactions of high values in 2014-15, failed to file income tax returns for the assessment year in 2015-16, the Income Tax Department said in an official statement on Thursday.
After the central government's note ban announcement (demonetisation) on November 8, the I-T Department and the Enforcement Directorate (ED) have carried out more than 760 searches and seized at least Rs 3,590 crore in unaccounted wealth. Ever since then, the IT Department has issued 3,589 notices to individuals and entities for income tax evasion and hawala dealings.
"The Income Tax department has conducted the fifth cycle of data matching, which has identified an additional 67.54 lakh potential non-filers, who have carried out high-value transactions in the financial year 2014-15 but did not file the return of income for the relevant assessment year 2015-16," the finance ministry said.
The central government has reportedly urged all taxpayers to disclose their income and pay taxes accordingly. Meanwhile, the IT Department will continue to pursue the non-filers till the time all are covered.
The information regarding the identification of non-filers is available in the compliance module on the e-filing portal of the department. The information would only be visible to specific PAN card holders when they log into the e-filing portal. "The PAN holder will be able to respond electronically and retain the copy of the submitted response for record purposes," the finance ministry said.