This is one other initiative of the CBDT in the direction of easing compliance for taxpayers and reinforcing its dedication in the direction of enhancing taxpayer providers. (Representative picture)
The earnings tax division receives data on specified monetary transactions of taxpayers from varied sources.
The earnings tax division on Sunday mentioned it has began sending emails and SMSs to assessees whose taxes paid in the course of the present fiscal should not commensurate with monetary transactions.
The division is enterprise an e-marketing campaign, which goals to tell such individuals/entities of serious monetary transactions, by way of e mail (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax legal responsibility appropriately and deposit the due advance tax on or earlier than March 15.
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In an announcement, the Central Board of Direct Taxes (CBDT) mentioned the earnings tax division has acquired sure data on particular monetary transactions undertaken by individuals/entities in the course of 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 FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” the CBDT mentioned.
This is one other initiative of the division in the direction of easing compliance for taxpayers and reinforcing its dedication in the direction of enhancing taxpayer providers, it added.
The earnings tax division receives data on specified monetary transactions of taxpayers from varied sources.
To enhance transparency and promote voluntary tax compliance, this data is mirrored within the Annual Information Statement (AIS) module and is on the market to individuals/entities for viewing.
The worth of ‘significant transactions’ within the AIS has been used for finishing up this evaluation.
To view the small print of serious transactions, the individuals/entities can log in to their e-submitting account and go to the compliance portal. On this portal, the e-marketing campaign tab may be accessed to view important transactions.
Persons/entities, who should not registered on the e-submitting web site, should first register themselves.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – PTI)
