E-campaign Question

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Kollipara Sundaraiah (Querist)
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29 March 2021 What is the difference between significant transactions and non filing and high value transactions in e-campaign portal.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 March 2021 Significant transaction undertaken by persons which will attract income tax, but ITR not filed or such high value transaction not considered while filing ITR.
Income tax department has information about the high value transaction.

The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. Objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information available with the IT department and promote voluntary compliance, especially for the assessee for the FY 2018-19 (AY2019-20) so that they do not need to get into notice and scrutiny process. Department has started sending SMS & Emails to such taxpayers about e-campaign on High Value Transactions on Compliance Portal.

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