March 11, 2024: The income tax (I-T) department is set to launch a virtual campaign to under which it would reach out to taxpayers who have made significant transactions but have not commensurate taxes.
According to a statement issued by the department on March 10, it has “received certain information on specific financial transactions during Financial Year 2023-24 (FY24)”. “On the basis of analysis of the taxes paid so far during the current financial year, the department has identified such persons/entities where payment of taxes for FY24 (AY25) is not commensurate with the financial transactions made by the persons/entities concerned during the said period,” it said.
As a part of taxpayer service initiative, the department will reach out to such taxpayers through email and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15, 2024. The subject of the email would be: Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25)
The department receives information of specified financial transactions of taxpayers 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, said the department.
For viewing the details of significant transactions, the taxpayer can login to their e-filing account (if already created) and go to the Compliance portal. On this portal, the e-Campaign tab can be accessed to view significant transactions.
Taxpayers 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.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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