I-T dept may reach out to you if you did ...

I-T dept may reach out to you if you did a high-value transaction in FY19 and haven’t file

Jul 20, 2020

In a notification released on Saturday, the tax department said it would begin an 11-day e-campaign starting from 20 July to reach out to those taxpayers who did a high-value transaction in the 2018-19 fiscal year (FY) but did not file the income tax return.

Additionally, those who have submitted the tax return but their high-value transaction is not in line with the tax return filed will be given an option to rectify their tax returns. The 11-day drive ends on July 31, 2020, the final day for filing the FY 2018-19 income tax return.

A program is being launched to encourage voluntary compliance so that taxpayers who have not filed returns or made inaccurate returns do not face warning or scrutiny, the tax department said.

Using data analytics, the tax department has analyzed the data obtained from various sources, such as a statement of financial transactions (SFT) submitted by various organizations, such as banks, mutual funds, etc., tax deduction at source (TDS), tax collection at source (TCS), international remittances (Form 15CC) statements, etc.

During the 11 day drive, the tax department will reach out to these taxpayers via SMS or email. Use their login ID which is their PAN number and registered password, the taxpayers would be able to access information about the high-value transaction on the income tax portal. The taxpayers would also be able to submit a response to the tax department 's question on the portal online.

"Taxpayers will also be able to send online answers by choosing one of these options:

(I) information is accurate, (ii) information is not absolutely right, (iii) information relating to other individuals each year, (iv) information is duplicated/included in other information displayed, and (v) information is refused. There would be no need to visit any Income Tax office as the response must be submitted online, the notification from the CBDT said.

The taxpayer can file or rectify a tax return after submitting the answer.

"The tax department provides incentives to those who are eligible to file tax returns if they have a gross taxable income before deductions of more than 0,2.5 lakh or have made a high-value transaction in the financial year concerned and have not filed a tax return or there is a mistake in the return filed or not yet checked.

After that date, if due, they that obtain a tax notice or face penalty for non-filing tax returns or evading taxes, "said Sudhir Kaushik, CEO of Taxspanner.com, a platform for filing tax returns. If you are receiving these SMS or email, respond within the specified period to the question from the tax department.

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