Income Tax Department to set up input tax E-campaign for financial year 2023-24

Through an e-campaign, individuals/entities carrying out significant financial transactions will be informed via email/SMS urging them to calculate and deposit their tax advances due on or before 15.03.2024.

This is another initiative by the ministry to ease compliance for taxpayers.

E-campaign: The Income Tax Department has received certain information regarding specific financial transactions carried out by persons/entities during the financial year (FY) 2023-24. Based on an analysis of taxes paid so far during the current financial year, the Ministry has identified such persons/entities where the payment of taxes for the financial year 2023-24 (AY 2024-25) is disproportionate to the financial transactions made by the persons/entities have been executed. entities involved during the said period.

Therefore, as part of the tax administration initiative, the Ministry is conducting an e-campaign that aims to notify such individuals/entities of significant financial transactions via email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to calculate their input tax correctly and deposit the input tax due on or before 15.03.2024.

The Income Tax Department receives information about certain financial transactions of taxpayers from various sources. To increase transparency and promote voluntary tax compliance, this information is displayed in the Annual Information Statement (AIS) module and can be viewed by individuals/entities. To carry out this analysis, the value of ‘Significant Transactions’ in the AIS was used.

To view the details of important transactions, the individuals/entities can log into their e-filing account (if already created) and go to the Compliance Portal. On this portal, the e-Campaign tab can be accessed to view important transactions.

Persons/entities not registered on the e-filing website must first register on the e-filing website. To register, click on the ‘Register’ button on the e-filing website and provide the relevant details therein. After successful registration, the e-filing account can be logged in and the Compliance Portal can be accessed via the e-Campaign tab to view important transactions.

This is another initiative by the ministry to ease compliance for taxpayers and strengthen its commitment to improving service delivery to taxpayers.