“On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified suchpersons/entities where payment of taxes for F.Y. 2023-24(A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” said the statement from the department
NEW DELHI:
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions.
The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15.
In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24.
“On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified suchpersons/entities where payment of taxes for F.Y. 2023-24(A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” said the statement from the department.
Hence, as a part of taxpayer service initiative, the department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25) and SMS, urging themto compute their advance tax liability correctly and deposit the due advance tax on or before 15.03.2024 advised the department.
The Income Tax Department receives information of specified financial transactions of taxpayersfrom 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, explained the department.
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.