- The Memorandum of Understanding (MoU) was authorized by the two central boards primarily the Central Board of Indirect Tax and Customs (CBIC) and secondarily, the Central Board of Direct Taxes (CBDT) for preparing the possibility to exchange or deliver tax related information based on real time. This is a gateway to link the GST portal with the portal of income taxes.
- The assessee who has not filed the income tax return or GST return will be able to see their GSTR-2A purchases on the income tax portal, further enabling the TDS and other High Value Transactions link with the Income Tax Department.
- A message will be delivered to every assessee from the tax department that is similar to Marketing campaign. It can be either in the form of an email or in the form of an SMS. The taxpayers or assessee shall receive the message in such a way that the department has already received the information regarding the financial transactions or activities (if any) to the subsequent account for the financial year. This message is also regarding your absence in filing the Income Tax return for the next assessment year.
- With the delivery of this above message, the intention behind the taxation department is to make sure that you are ready to file your returns/ pay your taxes before the due date so that you are saved from facing any further huge consequences from the department such as paying of the tax along with interest and penalty, etc., at the later stage.
- The main objective of the Income tax e-campaign is to identified the taxpayers and 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 collected information related to GST, exports, imports and transactions in securities, derivatives, commodities and mutual funds under information triangulation set up.
- The exact procedure for submitting replies to the income tax e-campaign is to visit the income tax compliance portal or official online portal to submit your responses along with proper and accurate credentials and other information related to other person/ year, duplicity, or the information that has been denied.
- Considering all the entered details to be correct, the assessee can file the income tax returns after the payment of the taxes. In case the assessee is not liable to file returns, he or she can submit an online response under the link ‘Response on non-filing of return’ on Compliance Portal. If in any certain case, the assessee has already filed the income taxes but still left declared incorrect due to tax liability, then the assessee is still able to pay the taxes and file the revised returns on the same compliance portal.
- In case you fail to file a return or pay your taxes and fail to submit a response to the Income tax department by the due date, you will be excluded from further filing of the returns. You will be initiated under the proceedings of the Income Tax Act, 1961, and shall be determined with your income and tax liability. Then you will receive an assessment notice, where you will end up paying interest and penalty in addition to tax liability.
Message that shall be sent by the Income Tax Department to every assessee who hasn’t paid the tax:
“The Income Tax Department has received information on financial transactions/activities relating to XXXXXX729X for Financial Year 2019-20. However, as per records available, you do not appear to have filed an Income Tax Return for Assessment Year 2020-21 (relating to FY 2019-20).”Sponsored Links
Step-by-step procedure to submit the reply on the income e-filing compliance portal:
- Visit the income tax compliance portal at https://www.compliance.insight.gov.in or https://www.incometaxindiaefiling.gov.in
- Login to the e-filing portal by using the necessary credentials.
- Your personal id will open with a new page.
- Selecting any of the options given below:
- Information is correct
- Information is not fully correct
- Information is related to other Person/ Year
- Information is duplicate/ included in other displayed information
- Information is denied.
- After the selecting your desired option, you can further click on the submit button to complete the e-filing procedure.
Procedure to view the submitted response on each Information:
- Visit the Compliance Portal at https://compliance.insight.gov.in
- You can also login in to the e-filing portal by using the URL https://www.incometaxindiaefiling.gov.in
- Next you need to click on the ‘Compliance Portal’ link available in “My Account” or “Compliance” tab.
- After successful login, click on ‘e-Campaign’ Tab available at home page of Compliance Portal to view Information Summary screen.
- Click on “Financial Year” under Significant Transactions/Non- Filing of Return/High Risk Transactions option (Whichever is applicable).
- Click on ‘Financial Year’ available under ‘e-Campaign–Information Confirmation’. (Applicable for non-filing of return).
- Click on the “>” button to view information in detail.
- Click on the “View Response” button under Information detail.
- With this, a Pop-up window will appear displaying the details of the response submitted by the taxpayer.