New Delhi: Banks will now be able to check the income tax return filing status of a permanent account number (PAN) holder quickly from a designated portal run by the income tax department.

The Central Board of Direct Taxes (CBDT) said in a statement that it had in August issued an order that IT return filing status will be made available to banks. The new facility is part of the tax department’s efforts to keep an eye on large cash withdrawals, especially if the person has not filed income tax returns.

CBDT said in a statement that data on cash withdrawal indicated that huge amount of cash is being withdrawn by people who have never filed income-tax returns.

To ensure filing of return by these people and to keep track on cash withdrawals by people not filing tax returns and to curb black money, the government had made cash withdrawal above Rs. 20 lakh by non-filers liable to tax deducted at source (TDS) with effect from 1 July. The government then also mandated that a higher 5% TDS would be levied on cash withdrawal above 1 crore by non-filers. The department advised banks to obtain return filing status from the portal ‘report.insight.gov.in’.

Subscribe to newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here