NE BUSINESS BUREAU
NEW DELHI, MARCH 12
The Income Tax Department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the Finance Ministry said on Sunday.
ITD to launch e-campaign for Advance Tax payment!
-For simplifying compliance and strengthening taxpayer services, ITD, through e-mail & SMS, is undertaking an e-campaign to reach out to persons/entities whose tax payments may not be commensurate with their financial… pic.twitter.com/nyEyjAEIG5
— Income Tax India (@IncomeTaxIndia) March 10, 2024
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.
- Through 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 15.03.2024
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.
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.
This is another initiative of the Department towards easing compliance for taxpayers and reinforce its commitment towards enhancing taxpayer services.
