Taxpayers will not have to provide information about large transactions in ITR form

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Income-Tax-Return-Forms

The government has denied these reports, stating that the income tax return form is being changed and the taxpayers will have to give details of major expenses incurred by them. Now quoting sources, the news agency PTI has said that the government is not going to make any such changes. That is, taxpayers will not need to give any details about their high-value transactions. This work will be done by financial institutions. According to sources, there is no idea of ​​changing the form of income tax return for this.

Income-Tax-Return-Forms

In a way, instead of taking this information from taxpayers, the Income Tax Department will collect data from third party through Statement of Financial Transactions (STF) and collect tax on this basis. As such, it has been made mandatory to provide PAN or Aadhaar information in every major transaction. In such a situation, taking information from taxpayers is not the right idea.

NEAC will become a gateway for faceless evaluation
Meanwhile, it is reported that the Income Tax Department has issued guidelines for the role of officers under the faceless assessment implemented in the field of direct tax. The Central Board of Direct Taxes (CBDT) has said that under this arrangement all communication between the department and the taxpayers will be through the National E-Assessment Center (NEAC) in Delhi and will act as a gateway. The Regional Offices (REACs) of the 20 cities associated with it will undertake faceless assessment of tax.

Under the new system, tax related investigation work will now be faceless. If found to be disturbing the tax payment based on the standard set under it, Central Computer will hand over the cases to the officer group on voluntary basis. After this, the whole matter will be resolved digitally without any face to face with the taxpayer. Due to full dialogue through NEAC, there will be transparency in the disposal of the case.