CBDT Launches E-Campaign Asking Taxpayers to Pay Advance Tax Based on Specified Financial Transactions of FY 2023-24

Press Release, dated 10-03-2024

The Income-tax Dept. gas received certain information on specific financial transactions undertaken by persons/entities during the Financial Year 2023-24. Based on an analysis of the taxes paid so far during the current financial year, the Department has identified persons/entities where payment of taxes is not commensurate with the financial transactions made by the persons/entities concerned during the said period.

Hence, as a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions through email and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before 15.03.2024

Income Tax Department receives information on taxpayers’ specified financial transactions from various sources. To increase transparency and to 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.

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