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Sunday, April 21, 2024

To encourage people to pay accurate advance taxes, the income tax department

<p>If intimate taxpayers make substantial financial transactions but their taxes for FY 2023–24 (AY 2024–25) are not paid in line with those transactions, the income tax agency will issue reminders to them.</p>
<p><img decoding=”async” class=”alignnone wp-image-497394″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-to-encourage-people-to-pay-accurate-advance-taxes-the-income-tax-department-tnie-i-750×375.jpg” alt=”theindiaprint.com to encourage people to pay accurate advance taxes the income tax department tnie i” width=”992″ height=”497″ title=”To encourage people to pay accurate advance taxes, the income tax department 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-to-encourage-people-to-pay-accurate-advance-taxes-the-income-tax-department-tnie-i-750×375.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-to-encourage-people-to-pay-accurate-advance-taxes-the-income-tax-department-tnie-i-1024×512.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-to-encourage-people-to-pay-accurate-advance-taxes-the-income-tax-department-tnie-i-768×384.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-to-encourage-people-to-pay-accurate-advance-taxes-the-income-tax-department-tnie-i.jpg 1200w” sizes=”(max-width: 992px) 100vw, 992px” /></p>
<p>These taxpayers will get notifications from the tax department via email and SMS, asking them to accurately calculate their advance tax burden and deposit the required advance tax by March 15, 2024, at the latest.</p>
<p>For AY 2024–2025, these emails and SMSs will be identified as Advance Tax e-Campaign–Significant Transactions. The Income Tax Department said in a news release that it has obtained particular information on certain financial transactions that individuals or companies made in the current fiscal year FY2023–2024.</p>
<p>According to the statement, “the department has identified such persons/entities where payment of taxes for FY 2023–24 is not commensurate with the financial transactions made by the persons/entities concerned, during the said period, based on analysis of the taxes paid thus far during the current financial year.”</p>
<p>Information on specific financial transactions of taxpayers is provided to the Income Tax Department by a number of sources.</p>
<p>This information is recorded in the Annual Information Statement (AIS) module and is accessible to the persons/entities for viewing in order to encourage voluntary tax compliance and boost transparency. This research has been conducted using the AIS’s “Significant Transactions” value. By visiting the Compliance Portal and entering into their e-filing account (if one has already been established), one may see the specifics of noteworthy transactions.</p>

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