revenue tax division: Taxman sending mails in circumstances of advance tax, transactions mismatch
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The division has additionally initiated an e-campaign to tell taxpayers to compute their advance tax legal responsibility accurately and deposit the due advance tax on or earlier than March 15.
“On the premise of study of the taxes paid up to now through the present monetary 12 months, the division has recognized such individuals/entities the place fee of taxes for FY 2023-24 (AY 2024-25) will not be commensurate with the monetary transactions made by the individuals/entities involved, through the mentioned interval,” the Central Board of Direct Taxes (CBDT mentioned in a press release issued Sunday. The division has specified that that is simply an intimation.
“That 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 companies,” CBDT mentioned.
The worth of ‘vital transactions’ within the Annual Data Assertion (AIS) has been used for finishing up this evaluation, it added.
The revenue tax division receives info on specified monetary transactions of taxpayers from numerous sources. To extend transparency and promote voluntary tax compliance, this info is mirrored within the AIS module and is obtainable to individuals/entities for viewing. To view the main points of great transactions, the individuals/entities can log in to their e-filing account and go to the compliance portal.On this portal, the e-campaign tab might be accessed to view vital transactions. Individuals/entities, who are usually not registered on the e-filing web site, must first register themselves.
