Taxman To Conduct Online Drive To Check Mismatches In Tax Returns
The Income Tax department, which has found that some individuals made high value transactions in financial year 2018-19 but did not file income tax returns, plans to organise an online campaign for such individuals to come clean.
The department will conduct an e-campaign from July 20 to July 31, in an effort to improve voluntary compliance among those who are either non-filers or have discrepancies in their returns for FY19, said a statement by Central Board of Direct Taxes. The income tax department, through data analytics, has also identified a set of tax return filers who made high value transactions, but did not declare them. Such individuals will have to submit their responses explaining whether the information is correct or not.
The e-campaign hopes to increase voluntary compliance to avoid the process of scrutiny, said the statement. Taxpayers with discrepancies in tax returns will receive an email or text message to verify the information, it added.
Under the e-campaign, taxpayers will be able to access details of their high value transactions on a designated portal, and will have to submit online response by selecting among these options:
- Information is correct,
- Information is not fully correct,
- Information related to other person/year,
- Information is duplicate/included in other displayed information, and
- Information is denied.
The last date for filing and revising the income tax return for financial year 2018-19 is July 31. “The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit”, the statement said.
Earlier today, the tax department said form 26AS—or the tax credit statement—will have details of large transactions, available with the tax department, made by taxpayers for declaration in tax returns.