Income Tax Department to launch e-campaign for Advance Tax in FY 2023-24

The Income Tax Department is set to initiate an e-campaign targeting Advance Tax for the financial year 2023-24 (FY 2023-24). Individuals and entities engaged in significant financial transactions will receive notifications via email/SMS urging them to calculate and remit their due advance tax on or before March 15, 2024.

According to a release from the Income Tax Department, specific financial transactions undertaken by individuals or entities in FY 2023-24 have been scrutinized. The analysis of taxes paid during the current fiscal year has identified persons/entities whose tax payments for FY 2023-24 (Assessment Year 2024-25) do not align with their financial transactions during the same period.

The Income Tax Department gathers information on specified financial transactions from various sources. This information is then incorporated into the Annual Information Statement (AIS) module, promoting transparency and encouraging voluntary tax compliance. The AIS module allows individuals/entities to view details of 'Significant Transactions,' which is utilized for the current analysis.

To access the details of significant transactions, individuals/entities can log in to their e-filing accounts (if already created) and visit the Compliance Portal. Within this portal, the e-Campaign tab provides a platform to view significant transactions.

For those not registered on the e-filing website, the Income Tax Department advises registering first. Clicking on the 'Register' button on the e-filing website allows individuals/entities to provide the necessary details. After successful registration, logging into the e-filing account enables access to the Compliance portal, where significant transactions can be viewed through the e-Campaign tab.

The Income Tax Department emphasizes that this initiative aims to simplify compliance for taxpayers, aligning with its commitment to enhance taxpayer services. This proactive approach seeks to encourage timely and accurate fulfillment of tax obligations while leveraging digital platforms for seamless interactions between taxpayers and tax authorities.