{"id":351,"date":"2020-07-20T11:07:17","date_gmt":"2020-07-20T11:07:17","guid":{"rendered":"http:\/\/raaas.com\/blog\/?p=351"},"modified":"2024-03-12T12:12:53","modified_gmt":"2024-03-12T06:42:53","slug":"cbdt-to-start-e-campaign-on-voluntary-compliance-of-income-tax-for-fy-2018-19-from-20th-july-2020-to-31st-july-2020","status":"publish","type":"post","link":"https:\/\/raaas.com\/blog\/cbdt-to-start-e-campaign-on-voluntary-compliance-of-income-tax-for-fy-2018-19-from-20th-july-2020-to-31st-july-2020\/","title":{"rendered":"CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 to 31st July, 2020"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><a href=\"http:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1087\" height=\"397\" src=\"http:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled.png\" alt=\"Voluntary Compliance of Income\" class=\"wp-image-352\" srcset=\"https:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled.png 1087w, https:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-300x110.png 300w, https:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-768x280.png 768w, https:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-1024x374.png 1024w, https:\/\/raaas.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-800x292.png 800w\" sizes=\"auto, (max-width: 1087px) 100vw, 1087px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Basis of e-campaign:<\/strong><br>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.<br>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.<\/p>\n\n\n\n<p><strong>Background<\/strong><br>1. The I-T department has obtained financial transaction and related information from different sources:<br>a) Statement of financial Transactions (SFT)<br>b) Tax Deduction at source (TDS)<br>c) Tax collection at source (TCS)<br>d) Foreign Remittances (Form 15CC)<br>e) Information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual fund, etc. under information triangulation set up and data analytics.<\/p>\n\n\n\n<p>2. Findings of information analysis:<br>a) Some of the tax payers with high value transaction have not filed the returns for the FY 2018- 19.<br>b) Couple more return filers have been revealed with high value transactions which do not correspond with their Income tax return.<\/p>\n\n\n\n<p><strong>Benefit of the e-campaign:<\/strong><br>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)<br>2. Access to the high value transactions on the designated portal.<br>3. Submission of online response, no requirement to visit Income Tax office.<br><strong>Process for validation:<\/strong><br>1. Identified taxpayers will receive email\/sms from I-T department to verify their financial transactions and related information.<br>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":355,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[111],"class_list":["post-351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbdt-to-start-e-campaign-on-voluntary-compliance-of-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 to 31st July, 2020 - Blog | Chartered Accountant in India<\/title>\n<meta name=\"description\" content=\"CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 to 31st July, 2020 - Blog | Chartered Accountant in India\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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