Income tax division has been sending SMSes and emails to taxpayers to file their earnings tax return (ITR) for monetary yr 2018-19. This is in these circumstances the place a person hasn’t filed ITR, and the information with the tax division reveals potential tax legal responsibility as a result of some high-value transactions.
Also, those that filed return and did a high-value transaction in FY2018-19 however the identical didn’t replicate of their ITR, are additionally getting queries from the tax division by SMSes or emails.
“Some of our shoppers and different individuals who have gotten such communications from the tax division over the previous 15-20 days have approached us. Most of them have obtained communication relating to the non-filing of ITR,” stated Swar Pathak, a Ludhiana-based chartered accountant.
This is part of the e-campaign on voluntary compliance began by the Central Board of Direct Taxes (CBDT) from July 2020.
“CBDT had launched a focused marketing campaign for taxpayers, who’ve both not filed their ITR for FY2018-19 or info reported by them of their ITR for stated FY didn’t match with info obtained by the division from different means, similar to tax deducted at supply (TDS) or tax collected at supply (TCS) returns of payers or collectors, specified monetary transaction statements filed by specified individuals, overseas remittance types, GST returns and high-value transactions tracked by knowledge matrices,” stated Shailesh Kumar, companion at Nangia & Co LLP.
Under the e-campaign, the tax division was purported to ship particular messages, e-mails, or different communications to taxpayers, sharing the data obtainable with tax authorities and asking them to file or revise their ITR for FY2018-19.
“Since the prolonged final date for submitting ITRs for FY2018-19 i.e. 30 September is approaching quickly, these textual content messages despatched by the tax authorities asking NRIs or different taxpayers to file their ITR for FY2018-19 seems to be a part of the identical marketing campaign,” stated Kumar.
What you need to do
If you’ve gotten obtained such communication from the tax division, you’ll have to reply to it in a well timed method. If a taxpayer has obtained any such message or e-mail, he or she should revisit his monetary transactions undertaken throughout related FY2018-19, match it with the ITR filed and if required, file a belated or revised ITR accurately declaring all of the transactions.
“If there isn’t a such transaction to be reported or there isn’t a have to file or re-file the ITR, then an acceptable written response must be filed by the taxpayer with tax authorities in response to the message or discover obtained by him,” stated Kumar.
To facilitate taxpayers, the tax division has created a ‘Compliance’ tab underneath the account of taxpayers on the earnings tax return submitting portal. The taxpayer can log in to ‘My Account’ utilizing your his or her Permanent Account Number (PAN) as a login Id and password and go to the ‘Compliance portal’ underneath the compliance tab. Here, the taxpayer can see the communications obtained from the tax division.
The taxpayer can see the queries raised relating to the high-value transactions as properly and supply on-line responses choosing both of the choices—info shouldn’t be totally appropriate, info associated to different individual or yr, info, info is duplicate and included in different displayed earnings or info is denied.
The taxpayer shouldn’t be required to go to the earnings tax workplace relating to the identical.
Taxpayers who don’t reply to those queries or file ITR inside the deadline could get a discover from the tax division, stated Kumar.