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Tax deficiencies detected by IRS, deadline set for March 15th to pay up

The Income Tax Department has initiated an e-campaign to notify individuals and entities whose tax payments do not match their financial transactions for FY 2023-24. The campaign aims to urge them to pay correct advance tax by March 15. The initiative is part of enhancing tax compliance and transparency.

The Department will be reaching out to the identified persons/entities through email and SMS, marking it as the Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25. This move is to ensure that taxpayers calculate and deposit their advance tax accurately and on time, in line with their financial activities during the period.

The analysis is based on ‘Significant Transactions’ information available in the Annual Information Statement (AIS) module. The data is sourced from various channels to promote voluntary tax compliance. Taxpayers can access this information by logging into their e-filing accounts and going to the Compliance Portal to view the details of significant transactions.

Individuals/entities not yet registered on the e-filing website are required to do so by clicking on the ‘Register’ button and providing the necessary details. Once registered, they can log in to their e-filing account and access the Compliance Portal to view significant transactions through the e-Campaign tab. The initiative aims to enhance tax compliance and transparency among taxpayers in the country.

IANS

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