I-T dept to roll out e-campaign on voluntary compliance

Our Bureau New Delhi | Updated on July 18, 2020

The Income tax Department is all set to start an e-Campaign on voluntary compliance of Income Tax for the convenience of the taxpayers from Monday.

The 11 days campaign ending on July 31 focuses on the 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 on Saturday that the objective of the e-campaign is to facilitate taxpayers to validate online their tax/financial transaction information 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.

CBDT said that this e-campaign is being run for the benefit of the taxpayers.

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.

The Department, also, has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, 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 AY 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 by selecting among any of these options: (i) Information is correct, (ii) Information is not fully correct, (iii) Information related to other person/year, (iv) Information is duplicate/included in other displayed information, and (v) Information is denied.

There would be no need to visit 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 July 31, 2020. The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit, an official release said.

Published on July 18, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like