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CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020

Writer's picture: AMEY SHARMAAMEY SHARMA

Mission

The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assesses or taxpayers who are either non-filers or have discrepancies or deficiency in their returns for FY 2018-19.


Objective

To facilitate taxpayers to validate online their tax/financial transaction information available with the I-T Department, especially for the assessees for FY 2018-19 and promote voluntary compliance, so that they do not get into notice and scrutiny process etc.


Process

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. The Department, has also collected information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc., under information triangulation set up and data analytics.


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.

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