Income Tax Department had launched e-campaign for Advance Tax for Financial Year 2023-24. The campaign targets persons/entities with significant financial transactions with an aim to remind them to compute and deposit their advance tax by 15th March 2024.
Income Tax Department has taken this initiative due to disparities between taxes paid and financial transactions. In fact, the Department has obtained intelligence regarding particular financial transactions conducted by certain individuals/entities in the FY 2023-24. Through scrutinizing the tax remittances made thus far in the current fiscal period, the Department has pinpointed such persons/entities whose tax contributions for FY 2023-24 (AY 2024-25) appear disproportionate to the pecuniary transactions undertaken by them during the aforementioned timeframe.
As an endeavor under its taxpayer service initiative, the Department is embarking on an electronic campaign, which endeavors to apprise such individuals/entities who have engaged in substantial financial transactions. This will be accomplished through email correspondence (designated as “Advance Tax e-Campaign-Significant Transactions for AY 2024-25”) and text messaging, exhorting them to accurately calculate their advance tax obligations and remit the requisite advance tax installment on or prior to March 15, 2024.
It may be noted that the Income Tax Department procures intelligence pertaining to delineated financial transactions undertaken by taxpayers, emanating from myriad sources. To augment transparency and cultivate voluntary tax compliance, this data is encapsulated within the Annual Information Statement (AIS) module and is accessible for perusal by the respective individuals/entities. The quantification of ‘Significant Transactions’ chronicled in the AIS has been leveraged to conduct this analysis.
To peruse the intricacies of substantial transactions, the individuals/entities can gain access to their e-filing account (if previously established) and navigate to the Compliance Portal. On this portal, the e-Campaign tab can be accessed to examine the significant transactions.
For those individuals/entities who are not registered on the e-filing website, they must first accomplish registration on the e-filing website. To initiate the registration process, the ‘Register’ button on the e-filing website can be engaged, and the pertinent details can be furnished therein. Subsequent to successful registration, the e-filing account can be accessed, and the Compliance Portal can be navigated to view the significant transactions through the e-Campaign tab.
This campaign is a part of the efforts of Income Tax Department to enhance taxpayer services and promote voluntary tax compliance.
CBDT Press Release dated 10/03/2024: Advance Income Tax E-Campaign FY 2023-24 (Viewing Significant Financial Transactions)