The CBDT in a statement said that the last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020.
The 11-day campaign ending on July 31, 2020, focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the Fiscal year 2018-19.
The CBDT in a statement said the objective of the e-campaign is to facilitate taxpayers to online validate their tax/financial transaction information available with the I-T department and promote voluntary compliance, especially for the assessees for the FY2018-19 so that they do not need to get into notice and scrutiny process.
"Under this e-campaign the Income Tax Department will send email/SMS to identified taxpayers to verify their financial transactions related information received by the I-T department from various sources such as Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source TCS), Foreign Remittances (Form 15CC) etc, it said.
The Department, also, has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc.
The CBDT said that under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.