I-T dept to begin voluntary tax compliance e-campaign from Monday
The income-tax department will start a 11-day e-campaign for voluntary tax compliance starting Monday aimed at such assesses who are either non-filers or have discrepancies in their tax returns for financial year 2018-19.
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, the Central Board of Direct Taxes (CBDT) said in a statement on Saturday.
It said 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). 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 SMSes to identified taxpayers to verify their financial transactions that taxmen have received from various sources, it said.
“In addition to the non-filers, another set of return filers have also been identified wherein the high value transactions do not appear to be in line with their income-tax return,” it said.
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.
“There would be no need to visit any income-tax office, as the response has to be submitted online,” it said.
The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit, the CBDT said.
The income-tax department is also equipped with information related to Goods and Services Tax (GST), exports, imports, and transactions in securities, derivatives, commodities, mutual funds under information triangulation set up and data analytics, the statement said.