Many of you have received this email from @IncomeTaxIndia and are asking your CA what is it and why have you received this email!
Well, please don’t panic! The Income Tax Department has captured your transactions of AIS/ TIS (calling it Significant Transactions) and is just asking you to pay Advance Tax liability – if you are liable to pay Advance Tax.
The email clearly states at the bottom that “The purpose of this e-Campaign is to urge you to compute your advance tax liability correctly and deposit the due advance tax by 31.03.2025.”
It is a gentle recommendation to @IncomeTaxIndia to kindly improve the language of such emails so as to not create panic among the taxpayers.
- The email from IncomeTaxIndia targets taxpayers with significant transactions in AIS/TIS, urging them to pay advance tax by March 31, 2025, to avoid penalties.
- AIS (Annual Information Statement) and TIS (Taxpayer Information Summary) track financial activities like property purchases and high-value investments, expanding on Form 26AS data.
- CA Himank Singla suggests that IncomeTaxIndia revise the email’s tone to reduce taxpayer anxiety, as it’s a reminder, not a demand.