New Changes in ITR I Income Tax Notice I PAN Flagged for not filing ITR I CA Satbir Singh

#ITR #IncomeTaxreturn #PAN #IncomeTax If you have received SMS /Notice from Income Tax Department that Your PAN has been Flagged for not Filing ITR for FY 2018-19.Please file your ITR or submit online Response under E-campaign Tab on Compliance portal Access CP by Logging into efiling Portal ( my Account) ITD The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 2018-19. The objective of the e-campaign is to facilitate taxpayers to validate online their tax/financial transaction information available with the I-T Department, especially for the assessees for FY 2018-19 and promote voluntary compliance, so that they do not get into notice and scrutiny process etc. This e-campaign is being run for the benefit of the taxpayers. 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. The Department, has also collected information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc., under information triangulation set up and data analytics. It is stated that data analysis has identified certain taxpayers with high value transactions who have not filed returns for AY 2019-20 (relevant to FY 2018-19). In addition to the non-filers, another set of return filers have also been identified wherein the high value transactions do not appear to be in line with their Income Tax Return. Under the e-campaign, the taxpayers will be able to access details of their high value transaction related information on the designated portal. They will also be able to submit online response by selecting among any of these options: (i) Information is correct, (ii) Information is not fully correct, (iii) Information related to other person/year, (iv) Information is duplicate/included in other displayed information, and (v) Information is denied. There would be no need to visit any Income Tax office, as the response has to be submitted online. It may be noted 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 31st July 2020. Taxpayers are requested to avail the opportunity to participate in the e-campaign for their own ease and benefit. Join Membership and Get GST Online Course , Exclusive Videos and Posts for Members only /channel/UCDy5n4YEOg6daXPT-P-eESA/join Become Patreon and Get Exclusive Daily GST and Income tax Updates in Email https://www.patreon.com/casatbirsingh Members Only Video Playlist /playlist/PL-DdSi94kMoPBMSiyKrdxgjdY8NGDQMEo TaxHeal Mobile App Download GST TAx and GST Daily updates on Mobile: https://play.google.com/store/apps/details?id=com.taxheal Subscribe Taxheal by Email and Get Tax and GST updates on Mobile : https://feedburner.google.com/fb/a/mailverify?uri=TaxHeal&loc=en_US Conact us /for Sponsorships and collaborations please write to us at taxheal@gmail.com GST Videos for :- _____________ All Videos on GST News: /playlist/PL-DdSi94kMoNNveKGgU-I8Zbn6MAP9LER Topic wise Commentary on GST Act of India https://taxheal.com/commentary-gst-act-india.html DISCLAIMER *** This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.

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