Tax department to begin e-campaign on voluntary compliance of income tax from next week

Economy


The income tax department will begin an e-campaign on voluntary compliance of income tax from Monday July 20, 2020 till the month-end focusing on taxpayers who are either non-filers or have discrepancies or deficiency in their returns for the FY 2018-19.

“The objective of the e-campaign is to facilitate taxpayers to online validate their tax/financial transaction information available 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,” the Central Board of Direct Taxes (CBDT) said Saturday.

Under the e-campaign the income tax department will send emails or text messages to identified taxpayers to verify their financial transactions related information received by the 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.

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The Department, also, has collected information related to goods and service tax (GST), exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc., 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 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. 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.

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.



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