IT Department to Undertake Drive to Improve Return Filings for FY19
The Central Board of Direct Taxes has announced that it is going to start a campaign from July 20 till the end of the month in order to increase the number of tax filings for the Financial Year 2019-2020. It is a voluntary e-campaign to ensure compliance on the part of the taxpayers who have not filed returns till date or who have deficiency in their returns.
This move has been designed in order to increase the number of people filing tax returns which has declined after an increase subsequent to the demonetization in 2016. This has been observed coupled with the decline in the economic growth of the country. However, this can also be linked to tax evasion by the taxpayers or income loss by the taxpayers.
This e-campaign will facilitate taxpayers to electronically validate their tax/financial transaction information available with the Income Tax Department. Once the compliance requirement is fulfilled, assesses need not worry about getting any tax notices. The CBDT will send emails and text messages to verify their financial transactions and related information received from various agencies. The CBDT has also collected information pertaining to GST, exports, imports and transactions in securities, derivatives, commodities and mutual funds.
The CBDT will identify a number of taxpayers with high-value transactions who have not filed tax return for the financial year. Another set of taxpayers will be identified who have high-value transactions do not appear to be in sync with their income tax returns.
The last date for filing any revised return for the assessment year 2020 is 31st July 2020.
Central Board of Direct Taxes
It is a statutory authority for the collection of direct taxes such as income tax functioning under the Central Board of Revenue Act, 1963. This consists of a Chairman and six members. It is the apex body tasked with the administration of taxes in the country and the officials also function as a Division of the Ministry dealing matters pertaining to levy and collection of direct taxes.
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs