The Central Board of Direct Taxes (CBDT) has started an e-campaign for voluntary compliance of Income Tax rules on Monday, 20th July 2020. The campaign will be ending on 31st July 2020, after 11 days. The campaign has been started by the department for the convenience of the assesses and will be focused on the taxpayers who are either non-filers or have committed any kind of fraud in the returns filed for the financial year 2018-19. The department has made the move to encourage the assesses for voluntary compliance with Income tax rulers for return filing A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. Read More and validate the details data provided to the department online, especially for the financial year 2018-19. The assesses can avail the benefit of the process and save themselves from security and other legal compliance.
The sole purpose of the campaign is to benefit the assesses. Under the campaign, the department will send an SMS/email to the identified assesses for verifying their financial information as received by the department from sources like Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), Foreign Remittances (Form 15CC), etc. Under information triangulation set up and data analytics, the department has also received and/or collected information regarding GST, exports, imports, and transactions in securities, derivatives, commodities, mutual funds, etc.,
The data has shown that there numerous assesses who have not recorded some high-value transactions while filing the returns for the assessment year 2019-20. The data has also shown that some of the assesses dealing in high-value transactions have not even filed their income tax returns Easy guide to file an income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related to Personal, Income, tax, bank, real estate, investment, etc. Read More. The details of such high-value transactions of these assesses will be assessed under the campaign. The assesses can submit their response online by selecting among any of these options:
- Information is correct
- Information is not fully correct
- Information related to another person/year
- Information is duplicate/included in other displayed information
- Information is denied
The assesses are not required to visit any office of the department as the response can only be filed online. It should also be noted that the deadline to file the Income Tax Returns for the assessment year 2019-20 is 31st July 2020. The assesses are suggested that they should avail the benefit of the campaign for their benefit.