The Ministry of Finance on Sunday said that the income tax department has received information on specific financial transactions undertaken by people or entities during financial year 2023-24.
As per the analysis of taxes paid so far during the current fiscal, the I-T department identified such persons or entities where the taxes paid is not ‘commensurate’ with the financial transactions carried out by them during the said period.
The I-T department is carrying out an e-campaign to intimate such individuals or entities of significant financial transactions through email which is marked as Advance Tax e-Campaign-Significant Transactions for assessment year 2024-25 and SMSes, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15, the finance ministry statement added.
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The department receives details of specified financial transactions of taxpayers from different sources. This information is reflected in the annual information statement (AIS) module and is available to the individuals and entities for viewing, a move aimed at increasing transparency and to promote voluntary tax compliance, the finance ministry stated.
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This value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis.
How to view ‘significant transactions’?
To check the details of significant transactions, the individuals or entities need to login to their e-filing account and then go to the Compliance portal. The e-campaign tab can be accessed to view significant transactions.
If the concerned persons or entities are not registered on the e-filing website, they have to first register themselves. After registration, the e-filing account can be logged into and the compliance portal be accessed.
On February 11, the Central Board of Direct Taxes had said that net direct tax collection in the ongoing financial year grew by 20 per cent year-on-year to ₹15.60 lakh crore, which is basically 80 per cent of revised budget estimates for full financial year.
“The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at ₹18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year,” the board said in a statement.
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