That is one other initiative of the CBDT in direction of easing compliance for taxpayers and reinforcing its dedication in direction of enhancing taxpayer providers. (Consultant picture)
The revenue tax division receives info on specified monetary transactions of taxpayers from numerous sources.
The revenue tax division on Sunday stated it has began sending emails and SMSs to assessees whose taxes paid in the course of the present fiscal will not be commensurate with monetary transactions.
The division is enterprise an e-campaign, which goals to tell such individuals/entities of great monetary transactions, via e 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.
Additionally Learn: 5 Tax Saving Errors To Keep away from
In an announcement, the Central Board of Direct Taxes (CBDT) stated the revenue tax division has acquired sure info on particular monetary transactions undertaken by individuals/entities in the course of the Monetary 12 months (FY) 2023-24.
“On the premise of research of the taxes paid to date in the course of the present monetary yr, the Division has recognized such individuals/entities the place fee of taxes for FY 2023-24 (AY 2024-25) isn’t commensurate with the monetary transactions made by the individuals/entities involved, in the course of the stated interval,” the CBDT stated.
That is one other initiative of the division in direction of easing compliance for taxpayers and reinforcing its dedication in direction of enhancing taxpayer providers, it added.
The revenue tax division receives info on specified monetary transactions of taxpayers from numerous sources.
To extend transparency and promote voluntary tax compliance, this info is mirrored within the Annual Info Assertion (AIS) module and is offered to individuals/entities for viewing.
The worth of ‘vital transactions’ within the AIS has been used for finishing up this evaluation.
To view the main points 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 may be accessed to view vital transactions.
Individuals/entities, who will not be registered on the e-filing web site, need to first register themselves.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – PTI)
 2023-24.){kind=link}