CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 to 31st July, 2020

Basis of e-campaign:
The Campaign ending on 31st July, 2020 will emphasize on assessees/ taxpayers who have either not filed the returns or have discrepancies/deficiency in their returns for the FY 2018- 2019.
The Campaign promotes voluntary compliance to facilitate tax payers to validate online their tax/ financial transaction information available with Income Tax department for FY 2018-19, so that they do not get into Notice or scrutiny process.

Background
1. The I-T department has obtained financial transaction and related information from different sources:
a) Statement of financial Transactions (SFT)
b) Tax Deduction at source (TDS)
c) Tax collection at source (TCS)
d) Foreign Remittances (Form 15CC)
e) Information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual fund, etc. under information triangulation set up and data analytics.

2. Findings of information analysis:
a) Some of the tax payers with high value transaction have not filed the returns for the FY 2018- 19.
b) Couple more return filers have been revealed with high value transactions which do not correspond with their Income tax return.

Benefit of the e-campaign:
1. The tax payers can validate online their tax/ financial transaction information available with I-T Department(especially the assessees for the FY 2018-2019)
2. Access to the high value transactions on the designated portal.
3. Submission of online response, no requirement to visit Income Tax office.
Process for validation:
1. Identified taxpayers will receive email/sms from I-T department to verify their financial transactions and related information.
2. Submit online response by selecting any of the given options. (i) Information is correct, (ii) Information is not fully correct, (iii) Information is duplicate/included in other displayed information, and (iv) Information is denied.