Income Tax dept. 11day e-campaign | High-Value Transaction in FY-19 and Haven’t Filed Tax Return

https://f002.backblazeb2.com/b2api/v1/b2_download_file_by_id?fileId=4_za8a2358db1d7f91b68b30916_f116ea3988c245948_d20200720_m073204_c002_v0001139_t0001

The income tax department said in a notification issued on Saturday that it will start an 11-day e-campaign starting from 20 July to reach out to those taxpayers who have done a high-value transaction in the financial year (FY) 2018-19 but have not filed the income tax return. Also, those who have filed the tax return but the high-value transaction conducted by them is not in line with the tax return filed, they will be given an option to rectify their tax returns. The 11-day campaign will end on 31 July 2020, the last date for filing the income tax return for FY 2018-19. This campaign is started to promote voluntary compliance so that the taxpayers who haven’t filed return or have filed incorrect return, don’t face any notice or scrutiny, said the tax department.

 

Using data analytics, the tax department has processed the data received from various sources such as a statement of financial transactions (SFT) filed by various agencies such as banks, mutual funds, etc, tax deduction at source (TDS), tax collection at source (TCS), foreign remittances (Form 15CC) statements, etc, to gather information about taxpayers who are liable to file tax returns but haven’t filed. The tax department will reach out to these taxpayers through SMS or email during the 11 days campaign. The taxpayers will be able to access the information about the high-value transaction on the income tax portal using their login ID that is their PAN number and registered password. The taxpayers will also be able to submit a response online to the query of the tax department on the portal.

 

The taxpayer will also be able to submit an online response by selecting among any of these options:

(i) Information is correct,

(ii) Information is not fully correct,

(iii) Information related to other people/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, said the CBDT notification. After submitting the response the taxpayer can file or rectify the tax return.

 

 

 

 

Read More Latest Bollywood Movie Reviews & News

Read More Sports News, Cricket News

Read More Wonderful Articles on Life, Health and more

Read More Latest Mobile, Laptop News & Review

Leave a Reply