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The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions.
To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financial transactions made by persons or entities, the Income Tax Department has started sending emails and messages through SMSs to assessees.
The tax department on Sunday urged assesses, who have not paid taxes commensurate with financial transactions, to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. The department is undertaking an e-campaign that aims to inform such persons/entities of “significant financial transactions”, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS.
“The Income Tax Department has received certain information on specific financial transactions undertaken by persons/entities during Financial Year 2023-24. On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” a statement issued by the Central Board of Direct Taxes (CBDT), Ministry of Finance said.
The Income Tax Department said it receives information of specified financial transactions of taxpayers from various sources. “To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis,” it said.
This is another initiative of the department towards easing compliance for taxpayers and reinforcing its commitment towards enhancing taxpayer services, it added.
To view the details of significant transactions, the persons/entities can log in to their e-filing account and go to the compliance portal. On this portal, the e-campaign tab can be accessed to view significant transactions. Persons/entities, who are not registered on the e-filing website, have to first register themselves on the e-filing website.
Before this, on March 4, the Income Tax Department had flagged mismatch between tax paid and “high value” financial transactions for financial year 2020-21 (AY 2021-22) and asked assessees to file updated tax returns by March 31.
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