CBDT is all set to start e-campaign on voluntary compliance for FY 2018-19 from 20.07.2020 for 11 days i.e. it will end on 31.07.2020 which is the last date to file Income Tax return for FY 2018-19.
It will focus on tax-payers who are either non-filers or have discrepancy/ deficiency in their return for FY 2018-19.
The objective of e-campaign is to facilitate taxpayer to validate online their tax/ financial transaction information available with the IT – department, especially for assessee for FY 2018-19 for self compliance so that they don’t receive any notice.
Under the e-campaign the tax payer shall receive email/ SMS from Income tax department to verify their financial transaction available with Income tax department from various sources such as Specified Financial Transactioon (SFT), TDS, TCS, Foreign remittance etc.
The department will also take help of information from GST department, custom department, transaction of shares and mutual fund etc.
Under the e-campaign, the taxpayers will be able to access details of their high value transaction on the designated portal and according to us this designated portal will be Compliance portal where people used to get notice earlier as well.
On this portal they will have option to either accept the transaction fully, partially or deny the same and can also mention that information provided belongs to other person in case of joint owner of bank account or any other case.
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