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Are you prepared to meet your tax obligations for the financial year 2023-24? The Income Tax Department is gearing up to ensure taxpayers are aware of their advance tax liabilities through a new electronic campaign (e-campaign). As part of this initiative, individuals and entities engaged in significant financial transactions during FY 2023-24 will receive alerts via email and SMS, urging them to calculate and pay their due advance tax by March 15, 2024.
The Income Tax Department has meticulously gathered information on specific financial activities conducted by taxpayers throughout FY 2023-24. By analyzing the taxes paid thus far in the current fiscal year, the department has pinpointed cases where tax payments do not correlate with the financial transactions undertaken during that period.
To enhance taxpayer service and facilitate compliance, the Income Tax Department is rolling out the "Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25." This campaign aims to notify individuals and entities about their significant financial transactions and encourage them to accurately assess their advance tax liability and submit the due amount by the deadline.
The e-campaign targets taxpayers with significant financial transactions during FY 2023-24, ensuring they are aware of their tax obligations.
The department harnesses data from various sources, incorporating it into the Annual Information Statement (AIS) module. Taxpayers can access the AIS to review their significant transactions, providing transparency and promoting voluntary tax compliance.
Taxpayers can conveniently access details of their significant transactions by logging into their e-filing accounts and navigating to the Compliance Portal. From there, they can view relevant information under the e-Campaign tab.
Individuals and entities not registered on the e-filing website can complete the registration process by clicking on the "Register" button and providing necessary details. Upon successful registration, they can log in to their e-filing accounts and access the Compliance Portal to view significant transactions.
It's essential for taxpayers to stay informed about their tax liabilities, especially concerning significant financial transactions. The Income Tax Department's e-campaign serves as a proactive measure to notify taxpayers of their obligations and promote voluntary tax compliance.
As FY 2023-24 comes to a close, ensure you've accurately assessed your advance tax liability and submitted the due amount by March 15, 2024. Stay connected with the Income Tax Department's electronic campaigns to stay informed and compliant with tax regulations.
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