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Income Tax Department Alerts Taxpayers via Emails and SMSs

New Delhi, March 11(WD): The CBDT has initiated a drive to address inconsistencies between tax payments and financial transactions in the fiscal year 2023-24. Through emails and SMSs, the income tax department is notifying taxpayers about significant financial transactions, urging them to accurately calculate and pay their advance tax by March 15. This campaign, labeled as Advance Tax e-Campaign-Significant Transactions for AY 2024-25, seeks to enhance compliance and taxpayer services.

The initiative comes as the income tax department aims to leverage digital platforms to streamline communication with taxpayers. By proactively reaching out to assesses, the department intends to reduce the burden on taxpayers while ensuring tax compliance. This move aligns with the government’s broader objective of promoting transparency and voluntary tax compliance.

Central to this initiative is the utilization of information received from various sources on specified financial transactions of taxpayers. By analyzing this data, the department can identify individuals or entities whose tax payments do not align with their financial activities. This targeted approach allows for more efficient tax administration and enforcement.

Taxpayers can access details of these significant transactions through the compliance portal on the e-filing website. This portal provides a user-friendly interface for taxpayers to review and understand the discrepancies identified by the department. Additionally, individuals or entities not registered on the e-filing website are encouraged to do so to avail themselves of these services.

The CBDT emphasizes that this initiative is part of ongoing efforts to simplify tax compliance and enhance taxpayer services. By leveraging technology and data analytics, the department aims to facilitate a smoother and more transparent tax administration process. Ultimately, the goal is to create a tax ecosystem that promotes fairness, efficiency, and compliance.(WD)

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