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The income tax department has started sending emails and messages to assesses whose advance taxes paid during the current fiscal are not in sync with their financial transactions.
The department has also initiated an e-campaign to inform taxpayers to compute their advance tax liability correctly and deposit the due advance tax on or before March 15.
“On the basis of analysis of the taxes paid so far during the current financial year, the department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” the Central Board of Direct Taxes (CBDT said in a statement issued Sunday. The department has specified that this is just an intimation.
“This is another initiative of the department towards easing compliance for taxpayers and reinforcing its commitment towards enhancing taxpayer services,” CBDT said.
The value of ‘significant transactions’ in the Annual Information Statement (AIS) has been used for carrying out this analysis, it added.
The income tax department receives information on specified financial transactions of taxpayers from various sources. To increase transparency and promote voluntary tax compliance, this information is reflected in the AIS module and is available to persons/entities for viewing. To view the details of significant transactions, the persons/entities can log in to their e-filing account and go to the compliance portal.
On this portal, the 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.
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