CBDT to launch e-campaign to ask certain taxpayers to file returns
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.
The income-tax department will reach out to certain taxpayers who have either not filed income-tax returns (ITR) for AY2019-20 (relevant to FY2018-19) or failed to accurately report high-value transactions in their returns, the Central Board of Direct Taxes (CBDT) said on Saturday. The department would run a 11-day e-campaign for the purpose starting from July 20.
The Board said that the objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information available with the IT department and promote voluntary compliance, especially for the assesses for the FY 2018-19 so that they do not need to get into notice and scrutiny process.
The department’s data analysis has identified certain taxpayers with high value transactions who have not filed ITR for AY 2019-20. 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 ITR, the Board said in a statement.
“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,” CBDT said. It added that the department has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities and mutual funds under information triangulation set up.
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.
“Last date for filing as well as revising the ITR for AY2019-20 is July 31, 2020. The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit,” it said.