CBDT starts 11-day e-campaign on voluntary compliance of Income Tax for FY 2018-19 from 20 July 2020
CBDT vide a recent press release dated 18th July 2020 embarked e-campaign on voluntary compliance of Income Tax for AY 2019-20
Introduction
In view of COVID-19 pandemic, CBDT has provide relief measure to taxpayers for filing of belated and revised return w.e.f. 20 July 2020 for the financial year(“FY”) 2018-19, till 31 July 2020. Please be apprised that earlier the last date for said compliance was 31 March 2020.
CBDT has started the E-campaign to encourage voluntary compliance of Income Tax for FY 2018-19. The reason of the E-campaign by CBDT is to ensure benefit of the taxpayers so that they do not get into notice and scrutiny process etc.
Objective
Under this E-campaign, the Income Tax Department will send an automatic e-mail alerts & SMS to identified persons, with high value transactions, who have either not filed their returns for the FY 2018-19 or have filed such returns without adequately reporting/disclosing such financial transactions.
Sources of information
The data for such financial transactions has been received by the Income Tax Authority from various internal sources of the Income Tax Authority such as
- statement of financial transactions (SFT),
- tax deduction at source (TDS),
- tax collection at source (TCS),
- foreign remittances (Form 15CC) etc.
- External sources (such as GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc.)
Submission of response on income tax e-filing portal
The identified taxpayers will be able to access and verify the above information and submit online response on the Income tax e-filing portal @ incometaxindiaefiling.gov.in , by selecting any of the following options:
- Information is correct or
- Information is not fully correct;
- Information is related to a different person/year;
- Information is duplicate/included in other displayed information; and
- Information is denied.
This procedure will be completed online and further there exist no person visit to the Income tax department. Further, the response would be filed online.
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