The income-tax department will start a 11-day e-campaign starting July 20, 2020, for voluntary tax compliance aimed at such assesses who are either non-filers or have discrepancies/deficiency in their tax returns for financial year 2018-19.
As per the statement of Central Board of Direct Taxes (CBDT), issued on Saturday i.e. July 18, 2020, the objective of the e-campaign is to facilitate taxpayers to online validate their returns or financial transaction information available with the I-T department and promote voluntary compliance so that they do not need to get into notice and scrutiny process.
As per statement it is stated that data analysis has identified certain taxpayers with high value transactions who have not filed returns for assessment year 2019-20 (relevant to financial year 2018-19). In addition to non-filers, another set of return filers have been identified, who have not reported or under reported certain high value transactions in their income tax returns.
The last date for filing as well as revising the income-tax returns for financial year 2018-19 is July 31, 2020.
Under the e-campaign, the department will send emails and SMS’s to identified taxpayers to verify their financial transactions that taxmen have received from various sources.
The CBDT said 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.
As per CBDT, “There would be no need to visit any income-tax office, as the response has to be submitted online”.
This e-campaign is being run for the benefit of the tax-payers and the taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit, the CBDT said.
For more information you can reach out to us at info@globaltax.org.in
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want to know the latest analysis of section 28(iv) of Income Tax Act
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