Key Points
The income tax department has started sending emails and messages to assesses whose advance taxes paid during the current fiscal are not in sync with their financial transactions...
The department has also initiated an e-campaign to inform taxpayers to compute their advance tax liability correctly and deposit the due advance tax on or before March 15...
"On the basis of analysis of the taxes paid so far during the current financial year, the department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period," the Central Board of Direct Taxes (CBDT said in a statement issued Sunday..
The income tax department receives information on specified financial transactions of taxpayers from various sources..
To increase transparency and promote voluntary tax compliance, this information is reflected in the AIS module and is available to persons/entities for viewing..
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