In a move aimed at ensuring tax compliance and transparency, the Income Tax Department has initiated an e-campaign targeting individuals and entities engaged in significant financial transactions during the Financial Year 2023-24 (A.Y. 2024-25).
The campaign, part of the taxpayer service initiative, is designed to inform and urge recipients to accurately calculate and deposit their due advance tax by March 15, 2024.
The Department has identified specific persons and entities whose tax payments for the current financial year do not align with their financial transactions during the said period. To address this, an e-campaign, labeled as “Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25,” will notify them through email and SMS.
The Income Tax Department receives information on specified financial transactions from various sources. This data is integrated into the Annual Information Statement ( AIS ) module, accessible to individuals and entities for verification. The analysis of ‘Significant Transactions’ in the AIS has facilitated the identification of potential non-compliance cases.
To access the details of significant transactions, individuals and entities can log in to their e-filing accounts, utilizing the Compliance Portal’s e-Campaign tab. For those not registered on the e-filing website, a simple registration process is available, followed by access to the Compliance Portal for viewing significant transactions through the e-Campaign tab.
This initiative underscores the Department’s dedication to enhancing taxpayer services and simplifying compliance procedures. The e-campaign serves as a proactive measure to prompt taxpayers to fulfill their advance tax obligations accurately and punctually.
The Department encourages all concerned parties to participate in this initiative, reinforcing the importance of voluntary tax compliance for a robust financial ecosystem.
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