The tax branch stated in a notification issued on Saturday that it will begin an 11-day e-campaign beginning from 20 July to attain out to these taxpayers who have finished a high-value transaction in the financial year (FY) 2018-19 however have no longer filed the earnings tax return. Also, these who have filed the tax return but the high-value transaction performed by them is not in line with the tax return filed, they will be given an alternative to rectify their tax returns. The 11-day campaign will end on 31 July, 2020, the final date for submitting the income tax return for FY 2018-19.
This campaign is commenced to promote voluntary compliance so that the taxpayers who haven’t filed return or have filed wrong return, don’t face any word or scrutiny, stated the tax department.
Using data analytics to process data received from statement of financial transactions (SFT), banks, mutual funds etc, tax deduction at source (TDS), tax collection at source (TCS), foreign remittances (Form 15CC) statements and so forth to collect data about taxpayers who are responsible to file tax returns however haven’t filed.
The tax department will attain out to these taxpayers through SMS or e-mail throughout the 11 days campaign. The taxpayers will be capable to get right of entry to the records about the high-value transaction on the profits tax portal using their login ID that is their PAN number and registered password. The taxpayers will additionally be capable to post a response online to the question of the tax branch on the portal.
“Taxpayer will moreover be capable to submit online response via selecting amongst any of these options: (i) Information is correct, (ii) Information is no longer definitely correct, (iii) Information related to different people/year, (iv) Information is duplicate/included in different displayed information, and (v) Information is denied. There would be no want to visit any Income Tax office, as the response has to be submitted online,” stated the CBDT notification.
After post the response, the taxpayer can file or rectify the tax return. However, if the payment is due, they may get a tax observe or face penalty for non-filing tax returns or evading taxes. So, if you receive such SMS or email, there is no need to panic. Just reply to the question within the prescribed time. An official said that the branch has already initiated faceless evaluation device and has disposed of 7,116 instances so far.
7,116 cases disposed
The Income Tax branch has already initiated faceless evaluation system and has disposed of 7,116 cases under the first phase of faceless assessment, an official source said. A complete of 58,319 cases had been assigned in an automatic way.
