The Income Tax Department has received certain information on specific financial transactions undertaken by persons/entitiesduring Financial Year(F.Y.) 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.
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.
The Income Tax Department receives information of specified financial transactions of tax payers from 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.
