Income Tax Department will be starting e-campaign from 20th July 2020 especially for those taxpayers who have not filed their Income tax return for FY 18-19 and Department will send email/SMS to identified taxpayers to verify transactions related information received from various sources such as Statement of Financial Transaction (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), Foreign remittances (Form 15CC), etc. The Department has also collected information related to GST, exports, imports and transaction in securities, derivatives, commodities, mutual funds, etc., under information triangulation set up and data analytics.
➡Taxpayers will be able to access details of their high valued transaction on the designated portal. They will be able to send an online response.
➡The objective of e-campaign is to facilitate taxpayers to validate online their tax/financial transaction information available with IT department and to promote voluntary compliance so that they do not get into notice and scrutiny process, etc.
Note:The last date for filing as well as revising ITR for AY 2019-20 (FY 2018-19) is 31st July 2020.
Taxpayers should not miss this opportunity & must avail this e-campaign for their own ease and benefit.
Source - (Twitter, Income Tax India)