The earnings tax division on Sunday mentioned it has began sending emails and SMSs to assessees whose taxes paid through the present fiscal are usually not commensurate with monetary transactions.
The division is endeavor an e-campaign, which goals to tell such individuals/entities of great monetary transactions, by way of electronic mail (marked as Advance Tax e-Marketing campaign-Important Transactions for AY 2024-25) and SMS, urging them to compute their advance tax legal responsibility accurately and deposit the due advance tax on or earlier than March 15.
In a press release, the Central Board of Direct Taxes (CBDT) mentioned the earnings tax division has obtained sure data on particular monetary transactions undertaken by individuals/entities through the Monetary 12 months (FY) 2023-24.
“On the premise of study of the taxes paid thus far through the present monetary 12 months, the Division has recognized such individuals/entities the place fee of taxes for FY 2023-24 (AY 2024-25) just isn’t commensurate with the monetary transactions made by the individuals/entities involved, through the mentioned interval,” the CBDT mentioned.
Additionally Learn : India Will get Funding Dedication Of $100 Billion In Subsequent 15 Years In Commerce Pact With EFTA
That is one other initiative of the division in the direction of easing compliance for taxpayers and reinforcing its dedication in the direction of enhancing taxpayer providers, it added.
The earnings tax division receives data on specified monetary transactions of taxpayers from numerous sources.
To extend transparency and promote voluntary tax compliance, this data is mirrored within the Annual Data Assertion (AIS) module and is offered to individuals/entities for viewing.
The worth of ‘important transactions’ within the AIS has been used for finishing up this evaluation.
To view the small print of great transactions, the individuals/entities can log in to their e-filing account and go to the compliance portal. On this portal, the e-campaign tab could be accessed to view important transactions.
Individuals/entities, who are usually not registered on the e-filing web site, must first register themselves.
(This report has been revealed as a part of an auto-generated syndicate wire feed. Aside from the headline, no enhancing has been carried out within the copy by ABP Reside.)
 2023-24){kind=link}