E-Campaign on voluntary compliance of income tax from next week
The Income Tax Department will start an e-campaign on voluntary compliance of income tax for the convenience of taxpayers from Monday.
The Income Tax Department will start an e-campaign on voluntary compliance of income tax for the convenience of taxpayers from Monday. The 11 days campaign ending on July 31, will focus on assessees/taxpayers who are either non-filers or have discrepancies in their returns for the FY 2018-19.
The Central Board of Direct Taxes (CBDT) said that the objective of the e-campaign is to facilitate taxpayers to online validate their tax/financial transaction information available with the I-T department and promote voluntary compliance, especially for the assessees for the FY 2018-19 so that they do not need to get into notice and scrutiny process.
Under this e-campaign the Income Tax Department will send email/sms to identified taxpayers to verify their financial transactions related information received by the I-T department from various sources such as Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source TCS), Foreign Remittances (Form 15CC) etc.
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The Department, also, has collected information related to GST, exports, im ports and transactions in securities, derivatives, commodities, mutual funds , etc., under information triangulation set up and data analytics.
CBDT stated that data analysis has identified certain taxpayers with high value transactions who have not filed returns for FY 2019-20 (relevant to FY 2018-19). In addition to the non-filers, another set of return filers have also been identified wherein the high value transactions does not appear to be in line with their Income Tax Return.
CBDT said that under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal.
They will also be able to submit online response. There would be no need to v isit any Income Tax office, as the response has to be submitted online.
CBDT said that the last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is 31st July 2020. The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit.
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