Stay updated with breaking news from Significant Transaction. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The department is undertaking an e-campaign that 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.
The Income Tax Department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the Finance Ministry said on Sunday.
This campaign, labeled as the
E-Campaign: The income tax department is asking those taxpayers, whose returns show a mismatch with income, to pay advance tax by March 15.
The Income Tax department has clarified that due to a data reporting error by a yet-unnamed entity, taxpayers have received notices for paying higher advance tax for financial year 2023-24. The I-T department has now asked such taxpayers to wait for updated data.