Home Audit & Assurance Income Tax Department to send intimation for Advance Tax payment for FY 2023-24

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

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

Earnings Tax Division to ship intimation for Advance Tax fee for FY 2023-24

Data relating to specific monetary transactions made by people or corporations throughout the Monetary 12 months (F.Y.) 2023–2024 has been offered to the Earnings Tax Division. The Division has recognized these people or entities whose tax funds for FY 2023–2024 (A.Y. 2024–2025) aren’t in keeping with their monetary transactions throughout that point, primarily based on an evaluation of the taxes paid to date within the present fiscal yr.

Subsequently, the Division is launching an e-campaign as a part of the taxpayer service initiative, which goals to inform these people/entities of great monetary transactions by e-mail (designated because the Advance Tax e-Marketing campaign-Vital Transactions for A.Y. 2024-25) and SMS. The marketing campaign encourages these people/entities to precisely compute their advance tax legal responsibility and deposit the required advance tax by no later than March 15, 2024.

Details about particular monetary transactions involving taxpayers is offered to the Earnings Tax Division by quite a lot of sources. This info is recorded within the Annual Data Assertion (AIS) module and is accessible to the individuals/entities for viewing with a view to promote voluntary tax compliance and increase transparency. This analysis has been performed utilizing the AIS’s “Vital Transactions” worth.

The people or corporations can go to the Compliance Portal by logging into their e-filing account, if one has been created, and studying the main points of noteworthy transactions. The e-Marketing campaign web page on this portal can be utilized to view noteworthy transactions.

People or organizations who aren’t but registered should register on the digital submitting web site. To register, go to the e-filing web site, click on the “Register” possibility, and fill out the required info. Following a profitable registration, one can log into the e-filing account and entry the Compliance website to view noteworthy transactions by deciding on the e-Marketing campaign tab.

That is simply one other transfer the Division is doing to make compliance simpler for taxpayers and to additional exhibit its dedication to enhancing taxpayer companies.

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