According to the Finance Ministry on Sunday, the Income Tax Department has identified some individuals and businesses whose tax payments for the fiscal year 2023–24 are not in line with the financial transactions they did during this time.
In light of this, the Department is launching an e-campaign as part of a taxpayer service initiative with the goal of notifying these individuals or entities of significant financial transactions via email (designated as Advance Tax e-Campaign-Significant Transactions for A.Y. 2024–25) and SMS. The campaign will encourage these parties to accurately calculate their advance tax liability and deposit the required advance tax by March 15 of this year, at the latest.
Information about specific financial transactions of taxpayers is provided to the Income Tax Department by a number of sources. This information is recorded in the Annual Information Statement (AIS) module and is accessible to the persons/entities for viewing in order to promote voluntary tax compliance and boost transparency. The official announcement stated that this research was conducted using the value of “Significant Transactions” in the AIS.
The individuals or companies can visit the Compliance Portal by logging into their e-filing account, if one has been created, and reading the details of noteworthy transactions. The e-Campaign page on this portal can be used to view noteworthy transactions.
Individuals or organizations who are not yet registered must register on the electronic filing website. To register, go to the e-filing website, click the “Register” option, and fill out the necessary information. Following a successful registration, one can log into the e-filing account and access the Compliance site to view noteworthy transactions by selecting the e-Campaign tab.