Income Tax Department uncovers tax underpayments, sets March 15 deadline

The Income Tax Department Gathers Financial Transaction Data from Various Sources.

New Delhi: The Income Tax Department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the Finance Ministry said on Sunday.

“Hence, as a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15 this year.

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The Income Tax Department receives information of specified financial transactions of taxpayers 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, the official statement said.

For viewing the details of significant transactions, the persons/entities can login to their e-filing account (if already created) and go to the Compliance Portal. On this portal, e-Campaign tab can be accessed to view significant transactions.

Persons/entities who are not registered on the e-filing website have to first register themselves on the e-filing website. For registration, the ‘Register’ button on the e-filing website can be clicked and the relevant details can be provided therein. After successful registration, the e-filing account can be logged into and the Compliance portal can be accessed to view significant transactions through the e-Campaign tab.