CBDT starts sending emails, SMSs to assessees for mismatch in tax profile, financial transactions in FY24

financialexpress.com:

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions.The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15.

In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24.”On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” the CBDT said.

This is another initiative of the department towards easing compliance for taxpayers and reinforcing its commitment towards enhancing taxpayer services, it added. The income tax department receives information on specified financial transactions of taxpayers from various sources.To increase transparency and promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to persons/entities for viewing. The value of ‘significant transactions’ in the AIS has been used for carrying out this analysis.

To view the details of significant transactions, the persons/entities can log in to their e-filing account