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Banks Get Access To Verify ITR Filing Status Based On PAN
On Wednesday, the department of Income Tax said that it has launched a facility which will enable scheduled commercial banks to actually verify the person's or an entities e-filing status based on PAN or permanent account number. The department says that cash withdrawal data has unearthed that high amount of cash has been withdrawn by individuals who have never filed ITR.
To ensure such people now get on to file income tax return and keep track of their cash withdrawal, from July 1, the Finance Act 2020 made changes to the IT Act 1961 and lowered the threshold for cash withdrawal to Rs. 20 lakh for the levy of TDS on non-return filers. Also, non-filers for cash withdrawal of more than Rs. 1 crore will now be charged a higher TDS at the rate of 5 percent.
"The Department has now released a new functionality "ITR Filing Compliance Check" which will be available to Scheduled Commercial Banks (SCBs) to check the IT Return filing status of PANs in bulk mode. "The Principal Director General of Income-tax (Systems) has notified the procedure and format for providing notified information to the Scheduled Commercial Banks," the CBDT said.
For the same the department via a notification on August 31, 2020 included scheduled commercial banks in the list with which tax authorities can share data. "Scheduled Commercial Banks are required to document and implement appropriate information security policies and procedures with clearly defined roles and responsibilities to ensure security of information," it added.
GoodReturns.in
