The Income Tax Department is all set to start an e-Campaign on voluntary compliance of Income Tax for the convenience of the taxpayers from today. The 11-day campaign will focus on the assessees or taxpayers who are either non-filers or have discrepancies in their returns for the financial year 2018-19.
The objective of the e-campaign is to facilitate taxpayers to online validate their tax and financial transaction information available with the I-T Department and promote voluntary compliance, especially for the assessees for 2018-19 so that they do not need to get into notice and scrutiny process.
This e-campaign is being run for the benefit of the taxpayers. Under this e-campaign the Income Tax Department will send email and 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, Tax Deduction at Source, Tax Collection at Source and Foreign Remittances.
Data analysis has identified certain taxpayers with high value transactions who have not filed returns for Assessment Year 2019-20. 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.
Under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal. There would be no need to visit any Income Tax office, as the response has to be submitted online. The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 is 31st of this month.