New Delhi, July 18
The Income Tax Department on Saturday stated it has recognized sure people with excessive worth transactions in 2018-19 who’ve both not filed returns or have discrepancies of their ITRs.
The final date for submitting in addition to revising the Income Tax Return for Assessment Year 2019-20 (related to FY 2018-19) is July 31, 2020.
The division could be launching an 11 day e-campaign starting July 20 to facilitate taxpayers/assessees who’re both non-filers or have discrepancies/deficiency of their returns for the Fiscal 12 months 2018-19 for making certain voluntary compliance.
“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,” it stated.
The division additionally has collected data associated to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, and so forth.
The CBDT stated that beneath the e-campaign the taxpayers will be capable to entry particulars of their excessive worth transaction associated data on the designated portal. They can even be capable to submit on-line response by deciding on amongst any of those choices: (i) Information is right, (ii) Information is just not absolutely right, (iii) Information associated to different particular person/12 months, (iv) Information is duplicate/included in different displayed data, and (v) Information is denied.
There could be no want to go to any Income Tax workplace, because the response needs to be submitted on-line.
“Data analysis has identified certain taxpayers with high value transactions who have not filed returns for AY 2019-20 (relevant to FY 2018-19). In addition to the non-filers, another set of return filers have also been identified wherein the high value transactions do not appear to be in line with their Income Tax Return,” the CBDT stated.
It additionally requested taxpayers to avail the chance to take part within the e-campaign for their very own ease and profit. — PTI