Quick Summary
Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order inF.No. 225/136/2020/ITA.II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020
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FAQ :
The CBDT has launched a new 'ITR Filing Compliance Check' functionality for Scheduled Commercial Banks to verify the IT Return filing status of PANs in bulk.
Principal Officers and Designated Directors of Scheduled Commercial Banks registered with the Reporting Portal of the Income-tax Department can use this functionality.
Banks can access the tool by logging into the Income-tax Department's Reporting Portal (https://report.insight.gov.in) using their credentials. The link will appear on the home page.
The output CSV file contains the PAN, masked name of the PAN holder, and the IT Return Filing Status for the last three Assessment Years for the entered PANs.
Currently, a single file can contain up to 10,000 PANs.
Yes, Scheduled Commercial Banks can also use an API-based exchange to automate and integrate the process with their core banking solutions.
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