The Income Tax Department has received certain information on specific financial transactions undertaken by persons/entities during 2023-24. Based on analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for 2023-24 is not commensurate with the financial transactions made by the persons/entities concerned, during the said period, the Ministry of Finance said on Sunday.

Hence, as a part of the taxpayer service initiative, the IT Department is undertaking an e-campaign that aims to intimate such persons/entities of significant financial transactions through email (marked as Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before 15 March 2024.

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The Department receives information on specified financial transactions of taxpayers from various sources. To increase transparency and promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to persons/entities for viewing. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis.

For viewing the details of significant transactions, the persons/entities can log in to their e-filing account (if already created) and go to the Compliance Portal. On this portal, the e-campaign tab can be accessed to view significant transactions.

Persons/entities registered on the e-filing website have to first register themselves on the e-filing website. For registration, the ‘Register’ button on the e-filing website can be clicked and the relevant details can be provided therein. After successful registration, the e-filing account can be logged into and the Compliance portal can be accessed to view significant transactions through the e-Campaign tab.

This is another initiative of the IT Department towards easing compliance for taxpayers and reinforcing its commitment towards enhancing taxpayer services, the ministry added.