E-campaign to notify taxpayers about ITR mismatch
The Income Tax (IT) Department has launched an e-campaign to notify some taxpayers about mismatches in their income tax returns (ITRs) filed so far in FY24, a release issued by the finance ministry said on Sunday.
As part of the e-campaign, the Department through emails and SMS has urged some taxpayers to compute their advance tax liability “correctly” and deposit the due advance tax on or before March 15, the release said.
The Department has received certain information on specific financial transactions undertaken by persons/entities during FY24 (assessment year 2024-25), and on the basis of analysis of the taxes paid in the current fiscal so far, it has identified such taxpayers where payment of taxes is “not commensurate” with the financial transactions made by them, the release said.
The Department receives information of specified financial transactions of taxpayers, from various sources. “To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing,” the release said. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis, it said.
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