On voluntary compliance of income tax from July 20, 2020, the income tax department will be conducting an e-campaign till the month end, starting on Monday an 11- day e-campaign, concentrating on taxpayers who are either non-filers or have disparities or insufficiency in their returns for the fiscal year 2018-2019.
The Central Board of Direct Taxes said on Saturday the objective of e-campaign is to encourage the taxpayers to online validate their tax or financial transaction information available with the I-T department and promote compliance, particularly for the assesses for the fiscal year 2018-2019, so they don’t have to get into notice and inspection process.
To identify taxpayers to verify their financial transaction-related information received from various sources such as tax deduction at source (TDS), foreign remittances (Form 15CC), statement of financial transactions (SFT), tax collection at source (TCS), etc, under the e-campaign the income tax department will send emails or text messages.
Under the information triangulation set up and data analytics, the department collected information regarding exports, goods and service tax (GST), imports and transactions in mutual funds, securities, commodities, credit cards, sale or purchase of immovable property, derivatives, etc.
Certain taxpayers with the high-value transaction who have not filed returns for the annual year 2019-20 was identified by data analysis said Central Board of Direct Taxes. Along with non -filers, another set of return filers wherein the high-value transaction does not appear to be in line with their return has been also identified.
Under the e-campaign, the taxpayers will be able to access information on their high-value transactions on designated portals. The online response can be submitted by taxpayers by choosing any of these options; i) Information is not fully correct, ii) Information related to other person or year, iii) Information is fully correct, iv) Information is denied, and v) Information is duplicate or included in other displayed information. As the response is submitted online, they won’t need to visit any Income Tax Office.
