NEW DELHI: The income tax department will send notices to intimate taxpayers who made significant financial transactions but the payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions made by them.
The tax department plans to intimate such taxpayers through email and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before 15 March 2024.
Such mails and SMSes will be marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25. According to a press statement by the Income Tax Department, it has received certain information on specific financial transactions undertaken by persons/entities during the current financial year FY2023-24.
“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 is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” said the statement.
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. One can see the details of significant transactions by logging into their e-filing account (if already created) and going to the Compliance Portal.