New Delhi: The Income Tax Department of India has initiated a targeted e-campaign to address the discrepancy between the financial transactions and taxes paid by assesses in the current fiscal year. The campaign, which began on Sunday, involves sending out emails and SMS messages to alert taxpayers about the need to reconcile their financial activities with their tax contributions.
The emails, identified as “Advance Tax e-Campaign-Significant Transactions for AY 2024-25,” serve as a reminder for taxpayers to accurately calculate their advance tax liabilities and ensure that the appropriate advance tax is paid by the deadline of March 15.
According to the Central Board of Direct Taxes (CBDT), the campaign was launched following the acquisition of data about specific financial transactions carried out by individuals and entities during the Financial Year 2023-24. The CBDT’s analysis revealed that there are taxpayers whose tax payments do not align with their financial transactions for the year.
This initiative is part of the department’s ongoing efforts to simplify tax compliance and improve taxpayer services. By informing taxpayers about significant transactions recorded in their Annual Information Statement (AIS), the department aims to foster transparency and encourage voluntary compliance.
Taxpayers can view the details of their significant transactions by logging into their e-filing account and navigating to the compliance portal. There, under the e-campaign tab, they can review the transactions in question and take necessary actions to rectify any discrepancies in their tax filings.
This proactive approach by the Income Tax Department underscores its commitment to maintaining a fair and transparent tax system, while also providing taxpayers with the tools and information needed to fulfill their tax obligations responsibly.
