NEW DELHI: If you had done a high-value transaction in FY19 and haven’t filed tax return, there is chance that you may get a notice soon from the Income Tax (I-T) Department. The department is will be beginning with an e-campaign starting July 20 for the taxpayers who have not filed returns or have filed the wrong return or the high-value transaction conducted by them is not in line with the tax return filed, they will be given an option to rectify their tax returns.
The 11-day campaign will end on July 31, 2020, the last date for filing the income tax return for FY19. The tax department said that idea is to promote transparency among the taxpayers and one time chance to come up clean with any unintended error in their tax filing.
The department has using data analytics to process data received from statement of financial transactions (SFT), banks, mutual funds etc, tax deduction at source (TDS), tax collection at source (TCS), foreign remittances (Form 15CC) statements etc to gather information about taxpayers who are liable to file tax returns but haven’t filed.
The I-T department will reach out to these taxpayers through SMS or email and can submit a response online to the query of the tax department on the portal.
“Taxpayer 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 people/year, (iv) Information is duplicate/included in other displayed information, and (v) Information is denied. There would be no need to visit any I-T office, as the response has to be submitted online,” said a CBDT notification.
After submitting the response the taxpayer can file or rectify the tax return. However, if the payment is due, they may get a tax notice or face penalty for non-filing tax returns or evading taxes. So if you receive such sms or email, there is no need to panic. Just respond to the query within the prescribed time. An official said that the department has already initiated faceless assessment system and has
disposed of 7,116 cases so far.
7,116 cases disposed
The Income Tax department has already initiated faceless assessment system and has disposed of 7,116 cases under the first phase of faceless assessment, an official source said. A total of 58,319 cases were assigned in an automated way.