CBDT begins mailing, messaging assessees on tax profile mismatch, FY24 transactions

Advance Income tax: The income tax department has begun to mail and message assessees through SMS on tax payments not in line with financial transactions, it said on March 10.

As part of an e-campaign, the department intends to notify the individuals or entities of major financial transactions by sending out an e-mail marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25.

An SMS urging them to calculate advance tax liability accurately and submit advance which is due on or before the March 15 deadline.

The Central Board of Direct Taxes (CBDT) said the income tax department has come across particulars on certain financial transactions which were made by persons/entities during the Financial Year (FY) 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 FY2023-24 (AY 2024-25) is not commensurate with the financial transactions made by the concerned persons or entities during the said period,” as per the CBDT.

The initiative is seen as a move to ease compliance for taxpayers, reinforcing its resolve to enhance taxpayer services.

The income tax department gets information on specific transactions for taxpayers through multiple sources.

For increasing transparency and promoting voluntary compliance among taxpayers, people can view the information in the Annual Information Statement (AIS) module.

The value of significant transactions is determined through the AIS analysis.

One can log into their e-filing account and visit the compliance portal. The e-campaign tab is available there, for viewing significant transactions.

The e-filing website requires registration for first-time users.

(With PTI Inputs)