The Central Board of Direct Taxes (CBDT) has initiated a proactive approach to encourage compliance with advance tax payment obligations for the Financial Year (FY) 2023-24. In light of the analysis of financial transactions and tax payments made during the current fiscal year, the Income Tax Department has identified individuals and entities whose tax contributions do not align with their financial activities.
Objective of the e-Campaign:
This e-campaign is tailored to notify taxpayers about significant financial transactions they have undertaken during FY 2023-24 (Assessment Year AY 2024-25) through emails and SMS, marked as "Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25." It aims to urge taxpayers to accurately compute their advance tax liabilities and ensure the payment of due advance taxes by the critical deadline of 15th March 2024.
Enhancing Transparency and Voluntary Compliance:
The Income Tax Department leverages data on specified financial transactions from various sources, reflecting this information in the Annual Information Statement (AIS) module for taxpayer viewing. This effort is part of a broader strategy to increase transparency and promote voluntary compliance among taxpayers.
Accessing Transaction Details:
Taxpayers interested in reviewing their significant financial transactions can do so by logging into their e-filing account on the Income Tax Department's website and navigating to the Compliance Portal. Here, under the e-Campaign tab, the details of significant transactions can be accessed. Individuals or entities not yet registered on the e-filing website are encouraged to register to avail of these detailed insights and comply accordingly.
Commitment to Taxpayer Services:
This initiative underscores the CBDT's dedication to easing the compliance process for taxpayers and enhancing the range of taxpayer services. By informing taxpayers about discrepancies between their reported transactions and tax payments, the Income Tax Department aims to facilitate a more transparent, compliant, and efficient tax system.
Taxpayers are advised to heed this campaign, review their transactions, and fulfill their advance tax obligations by the specified deadline to avoid any potential discrepancies and ensure compliance with tax regulations.
