The Income Tax Department obtains information on specified financial transactions of taxpayers from various sources. The Central Board of Direct Taxes (CBDT) said that the Income Tax Department has received certain information on specific financial transactions undertaken by individuals/entities during the financial year 2023-24.
The Income Tax Department has started sending emails and SMS to those taxpayers whose tax paid during the current financial year is not in line with their financial transactions. The department gave this information on Sunday. The department is running an e-campaign.
Its objective is to inform such persons/entities through email (marked as Advance Tax e-Campaign-Important Transactions for assessment year 2024-25) and SMS about important financial transactions, and ask them to pay their advance tax. It is requested to calculate, pay the tax liability correctly and deposit the outstanding advance tax on or before March 15.
Keep an eye on mismatched people in financial transactions
In a statement, the Central Board of Direct Taxes (CBDT) said that the Income Tax Department has received certain information on specific financial transactions undertaken by individuals/entities during the financial year 2023-24. CBDT said, “Based on the analysis of taxes paid so far during the current financial year, the department has identified individuals/entities whose taxes for the financial year 2023-24 (assessment year 2024-25) are due to be paid by them. “Is not consistent with the financial transactions carried out by.”
Department collecting information from various sources
It said this is another initiative of the department towards strengthening its commitment towards streamlining compliance for taxpayers and enhancing taxpayer services. The Income Tax Department obtains information on specified financial transactions of taxpayers from various sources.
