I-T department identifies individuals with high value transactions in FY19; to launch e-campaign

The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs.

The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020.

The department would be launching an 11 day e-campaign beginning July 20 to facilitate taxpayers/ assessees who are either non-filers or have discrepancies/deficiency in their returns for the fiscal year 2018-19 for ensuring 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 said.

The department also has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc.

The CBDT said that under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal.

They will also be able to submit online response by selecting among any of these options: (i) Information is correct, (ii) Information is not fully correct, (iii)  Information related to other person/year, (iv) Information is duplicate/included in other displayed information, and (v) Information is denied.

There would be no need to visit any Income Tax office, as the response has to be submitted online.

"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 said.

It also asked taxpayers to avail the opportunity to participate in the e-campaign for their own ease and benefit.