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Tax Dept To Launch e-campaign To Ask You To File ITR, Report High Transaction
On Saturday, the CBDT said the tax dept. will approach taxpayers who have either not filed their ITR for Fy2018-19 or did not reported high value transactions correctly. For the purpose, the dept will conduct 11 days e-campaign starting July 20, 2020.
This will provide taxpayers a platform for validating the details provided by them against the input with the tax department and enhance voluntary compliance, in particular for assesses for the FY 2018-19 such that they do not get into scrutiny and notice related hassle.
"Under this e-campaign the 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," CBDT said.
Also the dept. has collected information pertaining to GST, exports, imports as well as transactions in securities, derivatives, commodities and mutual funds under information triangulation set up.
Also, the taxpayers can view high value transactions on the designated portal and can submit online answers by choosing any of the given options. "Last date for filing as well as revising the ITR for AY2019-20 is July 31, 2020. The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit," it said.
GoodReturns.in
