If you had done high-value transactions in the financial year 2017-18, but didn't mention it in your income tax return (ITR) for the assessment year 2018-19, you have to act now. After identifying such persons who entered into high-value transactions and have potential tax liabilities but have still not filed their tax returns, the Central Board of Direct Taxes (CBDT) has given an opportunity to taxpayers to pay taxes or give clarification on those transactions. An analysis was carried out through the Non-filers Monitoring System (NMS) to identify and monitor non-filers about whom specific information was available in the database of the Income Tax Department. Several potential non-filers have already been identified, who have carried out high value transactions in the Financial Year 2017-18 but have still not filed ITR for Assessment Year 2018-19 (relating to FY 2017-18). This was done after analysis of data based on Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), information about foreign remittances, exports and imports etc. To reduce the compliance cost for taxpayers by soliciting their response online, the I-T Department has enabled e-verification of these NMS cases and reiterated that there is no need to visit any income tax office for submitting response, as the entire process is to be completed online. Such taxpayers can access information related to their case from the \u2018Compliance portal\u2019 which is accessible through the e-filing Portal of the Department at The PAN holder should submit the response electronically on the Compliance Portal and keep a printout of the submitted response for record purposes. User Guide and FAQs are provided under the \u201cResources\u201d Menu on Compliance Portal. Non-filers have to assess their tax liability for the AY 2018-19 and file the ITR or submit online response within 21 days. If the explanation offered is found to be satisfactory, matters will be closed online, but in cases where no return is filed or no response is received, initiation of proceedings under the Income Tax Act, 1961 will be considered. To submit compliance form, you have to follow the below steps: Step-1: Log in to e-Filing website with User ID, Password and Captcha. Step-2: Go to Compliance and click on "Submit Compliance Form". Step-3: Enter the required details of e-Filed or Paper filed returns if ITR has been filed under "Filing of Income Tax Return" tab. Step-4: Enter the remarks if the ITR has not been filed. Step-5: Enter the required details under "Related Information Summary" tab. Step-6: Click on"Submit" button. On successful validation, the success message is displayed on the screen \u2013 'Compliance form is submitted'. Processing of Response: After submission, the responses will be verified by the I-T Department, and if found satisfactory, the case for non-filing of ITR will be closed. Otherwise, the I-T Department may raise an Additional Information Request. The taxpayer will have the option to attach relevant documents while submitting response to the request.