- August 15, 2020
- Posted by: Aditya Kumar
- Category: Income Tax
The due date for filing of return of income for assessment year 2019-20 was extended by CBDT to 31st July, 2020 by way of a relief provided amidst the COVID-19 pandemic. Considering the approaching deadline, CBDT launched1 an 11 days E-Campaign starting on 20th July, 2020 on voluntary compliance of Income Tax for the benefit of taxpayers to avoid unwanted proceedings and ensure necessary compliances to be made under the Income Tax Laws.
Under this campaign, the CBDT shall provide the information as received from various resources like data provided through Statement of Financial Transactions Forms (SFTs), Foreign Remittances (Form 15 CC), Information received from Central Board of Indirect taxes and Customs (CBIC), sale/purchase of shares, mutual funds, debentures or immovable property, credit card payments, etc. to the taxpayers who have undertaken certain high value transactions and can file or revise their returns for A.Y. 2019-20 accordingly.
In order to make an orderly compliance with the said high value transactions identified by the department, a message shall be received by the assessee on their registered mobile number along with an email at the registered e-mail IDs. Assessee shall have to visit the Compliance Portal through the E-Filing Portal and under High Risk Transaction table of E-Campaign Tab, the assessee can access the said information and submit a response by selecting certain pre-defined options:
- Information is correct
- Information is not fully correct
- Information is related to a different person/year
- Information is duplicate/included in other displayed information
- Information is denied
This move of the department is in line with the recent changes made to the Form 26AS beginning from the current financial year. Also, for ensuring seamless flow and exchange of data on an automatic, regular & spontaneous basis to the department, CBDT has signed various MOU’s during this month including Ministry of Micro Small & Medium enterprises (MoMSME2), Central Board of Indirect Taxes & Custom (CBIC3), Securities & Exchange Board of India (SEBI4).
This facility of e-campaign shall not only enable the department to track and monitor instances of mis-compliance or non-compliance but shall enable the taxpayers to confirm/rebut the said identified transactions and ensure greater transparency and accountability. However, one cannot rule out the necessity of completely authenticating the information before submitting the response. Moreover, considering the recent notification5 issued by the department, wherein the due date for filing of return for AY 2019-20 has been further extended to 30th September, 2020, it is anticipated that the department might also extend this e-campaign. Thus, the taxpayers now have additional time to take cognizance of information provided to avoid unnecessary litigation by ensuring necessary compliance.
For any further queries or assistance, feel free to contact us.
- Vide Press Release dated 18.07.2020
- MOU with MoMSME signed on 20.07.2020
- MOU with CBIC signed on 21.07.2020
- MOU with SEBI signed on 08.07.2020
- Notification No. 56/2020/F.No. 370142/23/2020-TPL dated 29.07.2020 issued by CBDT