Income Tax Department to send intimation for Advance Tax payment for FY 2023-24

Information regarding particular financial transactions made by individuals or companies during the Financial Year (F.Y.) 2023–2024 has been provided to the Income Tax Department. The Department has identified those individuals or entities whose tax payments for FY 2023–2024 (A.Y. 2024–2025) are not in line with their financial transactions during that time, based on an analysis of the taxes paid thus far in the current fiscal year.

Therefore, the Department is launching an e-campaign as part of the taxpayer service initiative, which aims to notify these individuals/entities of significant financial transactions through email (designated as the Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25) and SMS. The campaign encourages these individuals/entities to accurately compute their advance tax liability and deposit the required advance tax by no later than March 15, 2024.

Information about specific financial transactions involving taxpayers is provided to the Income Tax Department by a number of sources. This information is recorded in the Annual Information Statement (AIS) module and is accessible to the persons/entities for viewing in order to promote voluntary tax compliance and boost transparency. This research has been conducted using the AIS’s “Significant Transactions” value.

The individuals or companies can visit the Compliance Portal by logging into their e-filing account, if one has been created, and reading the details of noteworthy transactions. The e-Campaign page on this portal can be used to view noteworthy transactions.

Individuals or organizations who are not yet registered must register on the electronic filing website. To register, go to the e-filing website, click the “Register” option, and fill out the necessary information. Following a successful registration, one can log into the e-filing account and access the Compliance site to view noteworthy transactions by selecting the e-Campaign tab.

This is just another move the Department is doing to make compliance easier for taxpayers and to further demonstrate its dedication to improving taxpayer services.