The Income Tax Department will undertake an Advance Tax e-campaign for the financial year 2023-24. The Central Board of Direct Taxes said that the Income Tax Department has received certain information on specific financial transactions undertaken by persons and entities during the current financial year. It said, based on analysis of the taxes paid so far, the Department has identified such persons and entities where payment of taxes is not commensurate with the financial transactions made by the persons.
The Income Tax Department is undertaking an e-campaign, which aims to inform such persons and entities of significant financial transactions, through email and SMS. They will urge them to compute their advance tax liability correctly and deposit the due advance tax on or before the 15th March this year. The Union Finance Ministry said, the Income Tax Department receives information on specified financial transactions of taxpayers from various sources.