Advance Tax E-Campaign: An initiative for Encouraging Taxpayers to accurately calculate their advance tax liability and submit the due advance tax on or before 15th March 2024
Advance Tax E-campaign for FY 2023-24: The Income Tax Department, in a press release dated 10th March 2024, notified about the Advance Tax e-campaign for financial year 2023-24. This is an initiative by the department to encourage the taxpayers to accurately calculate their advance tax liability and deposit the same on or before 15th March 2024.
The Income Tax Department has received vital information concerning specific financial transactions carried-out by individuals/entities during the Financial Year 2023-24. Upon analyzing the taxes paid so far in the ongoing financial year, the Department has pinpointed individuals/entities where the tax payments for FY 2023-24 (A.Y. 2024-25) do not align with the financial transactions carried-out during that period.
As part of its taxpayer service drive, the Department has launched an e-campaign to notify these individuals/entities of their significant financial transactions. This notification will be sent via email (labeled as Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25) and SMS, encouraging them to accurately calculate their advance tax liability and submit the due advance tax by or before 15th March 2024.
The Income Tax Department obtains information on specified financial transactions of taxpayers from various sources. This information is included in the Annual Information Statement (AIS) module to promote transparency and encourage voluntary tax compliance. Taxpayers can view this information in the AIS to understand their financial standing.
The analysis for this e-campaign has been based on the ‘Significant Transactions’ highlighted in the AIS. To view the details of these significant transactions, individuals/entities can log in to their e-filing accounts (if already created) and visit the Compliance Portal. Within this portal, they can access the e-Campaign tab to review the significant transactions.
Individuals/entities who are not yet registered on the e-filing website will need to register themselves first. To do so, they can click on the “Register” button on the e-filing website and provide the required details. Upon successful registration, they can log into their e-filing accounts and access the Compliance Portal to view significant transactions through the e-Campaign tab.
This e-campaign is another step by the Department to simplify compliance for taxpayers and demonstrate its dedication to enhancing taxpayer services. Stay informed, stay compliant!
To Download the press Release of I-T Department CLICK HERE
To Access the CBDT Notification 28/2024 dated 8 march 2024 CLICK HERE
Also Read
CBDT Circular 4/2024: Extension of Due Date for Filing Form 26QE by Specified Persons
CBDT Notification 27/2024: Changes in Form 3CD, Form 3CEB & Form 65