The income tax department is starting an e-campaign targeting advance tax to inform those who have significant financial transactions in 2023-24, to compute and pay their due advance tax by March 15, 2024.
This campaign, labeled as the “Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25,” wherein the IT department will urge people to accurately calculate their advance tax liability and submit the due amount by March 15, 2024.
The department has started gathering information regarding specific financial transactions conducted during F.Y. 2023-24 by individuals/entities. The department has identified cases where tax payments for F.Y. 2023-24 (A.Y. 2024-25) do not match with the financial activities undertaken during that period.
IT Depatment On Advance Tax
First, the IT department, under the mentioned campaign, will notify these individuals/entities about their significant financial transactions. This information is then included in the Annual Information Statement (AIS) module, which can be accessed by the individuals/entities for review. The analysis is based on the value of “Significant Transactions” listed in the AIS.
Read More: I-T dept asks taxpayers to pay advance taxes before this date
“The Income Tax Department receives information of specified financial transactions of taxpayersfrom 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 tax department said in a statement.
To access details of significant transactions, individuals/entities can log in to their e-filing accounts and to the Compliance Portal.
How To Check?
If you have e-filing account go to compliance portal and access ‘significant transactions’
If you do not have an e-filing account, one needs to first register on the portal to access these transactions.
‘Significant transactions’ are those transactions which can be high value transactions and not conducted as per disclosed income.
Who Falls Under The Advance Tax Bracket?
Salaried employees, freelancers or any business which have annual liability of rs.10000
Read More: Income tax refunds: Taxpayers would get their pending refunds for FY2020-21 by April 30
Business who have opted for presumptive tax schemes
Senior citizens with business income need to pay
