The Income Tax Department is launching an electronic campaign to alert individuals or entities about discrepancies in tax payments and financial transactions.
Emails and SMS are being sent to notify taxpayers of significant financial transactions in the assessment year 2024-25. The department is urging those who have not paid taxes in accordance with their financial transactions to calculate and pay the correct advance tax before March 15.
The Central Board of Direct Taxes (CBDT) stated that certain persons/entities have been identified where tax payments do not match their transactions, based on information received for the financial year 2023-24. This initiative aims to enhance transparency, encourage voluntary tax compliance, and make tax services more accessible to taxpayers.
Taxpayers can access details of significant transactions by logging into their e-filing accounts and visiting the compliance portal. Those not yet registered on the e-filing website must first complete the registration process.
Previously, the Income Tax Department had notified taxpayers of discrepancies in tax payments and high-value financial transactions for the financial year 2020-21, urging them to file updated tax returns by March 31.
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