New Delhi: The Income Tax Department will launch an e-campaign for the Advance Tax for FY 2023-24. Through the e-campaign, persons/entities carrying out significant financial transactions will be informed through email/SMS to urge them to compute and deposit their due advance tax on or before March 15, 2024.
"The Income Tax Department has received certain information on specific financial transactions undertaken by persons or entities during the financial year 2023-24.
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On the basis of an analysis of the taxes paid so far during the current financial year, the Department has identified persons /entities whose payment of taxes for FY 2023-24 (A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period." the release from IT Department read.
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing.
The value of 'Significant Transactions' in the AIS has been used for carrying out this analysis.
For viewing the details of significant transactions, the persons/entities can login to their e-filing account (if already created) and go to the Compliance Portal. On this portal, e-Campaign tab can be accessed to view significant transactions.
"Persons/entities who are not registered on the e-filing website have to first register themselves on the e-filing website. For registration, the 'Register' button on the e-filing website can be clicked and the relevant details can be provided therein.
After successful registration, the e-filing account can be logged into and the Compliance portal can be accessed to view significant transactions through the e-Campaign tab." IT Department said,
This is another initiative of the Department to ease compliance for taxpayers and reinforce its commitment to enhancing taxpayer services.
