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HomeNewsIncome Tax department on error after advance tax notices: ‘Wait for updates’

Income Tax department on error after advance tax notices: ‘Wait for updates’

Mar 12, 2024 01:03 PM IST

Income Tax: The error is due to certain inconsistencies in the securities market-related data, Income Tax department said. Details here

Advance tax returns: The Income Tax department said that taxpayers who received advance tax payment notices in the last few days should not worry in case of error. In a post on X (formerly Twitter), the IT department said that it has identified some errors in data reported in the annual information statement (AIS) of taxpayers for the financial year 2023-24. Owing to this, some taxpayers received notices for payment of advance tax which were significantly higher than what they had anticipated.

Advance tax returns: The Income Tax department launched an e-campaign on March 10 to intimate tax-payers.
Advance tax returns: The Income Tax department launched an e-campaign on March 10 to intimate tax-payers.

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The error is due to certain inconsistencies in the securities market-related data reported to them by one reporting entity, it said, adding, “Based on feedback from taxpayers on the e-campaign for advance tax, the department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the reporting entities. The reporting entity has been asked to submit a revised statement based on updated information.”

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The data on AIS will be updated and taxpayers should wait for further information on AIS based on the revised statement, the IT department said.

The Income Tax department also launched an e-campaign on March 10 to intimate taxpayers whose tax payments did not match financial transactions reported in AIS.

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It said, “For simplifying compliance and strengthening taxpayer services, ITD, through e-mail and SMS, is undertaking an e-campaign to reach out to persons/entities whose tax payments may not be commensurate with their financial transactions during FY 2023-24 (AY 2024-25). The analysis (is) based on ‘Significant Transactions’ from AIS module of e-filing portal.”

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