Income Tax Department’s Advance Tax e-Campaign and Significant Transactions for A.Y. 2024-25 The Income Tax Department is gearing up to launch an e-campaign aimed at urging individuals and entities to pay their advance tax for the financial year 2023-24. This initiative, conducted via email and SMS, aims to notify those involved in significant financial transactions to calculate and settle their advance tax obligations by March 15, 2024.
Having acquired information about specific financial transactions carried out by individuals and entities during the F.Y. 2023-24, the department has identified discrepancies between the taxes paid so far in the current fiscal year and the financial activities undertaken during that period. In an effort to assist taxpayers, the Income Tax Department will roll out an e-campaign, named “Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25,” to prompt them to accurately assess their advance tax liability and submit the due amount by the specified deadline.
The department collates information on designated financial transactions from various sources, which is incorporated into the Annual Information Statement (AIS) module for review by individuals and entities. This analysis is based on the value of “Significant Transactions” listed in the AIS.
An official statement from the tax department highlighted, “The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and 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.”
Individuals and entities can access details of significant transactions by logging in to their e-filing accounts and navigating to the Compliance Portal. For those who are not yet registered on the e-filing website, the registration process is simple and can be completed by clicking on the “Register” button and providing the necessary details. Once registered successfully, they can log in to their e-filing accounts and access the Compliance Portal to view significant transactions via the e-Campaign tab.