Does the below email seem familiar to you?
The Income Tax Department is conducting a campaign for taxpayers who have made significant financial transactions during the current fiscal year, FY 2023-24, but have not paid their share of advance taxes.
Such individuals/entities will be notified via email or SMS. The ITD expects such assessees to correctly calculate their advance tax liability and pay the due advance tax on or before March 15, 2024.
What should I do if I receive this email/SMS?
You first need to navigate to the e-compliance portal. You can follow the below steps:
- Login to e-Filing portal by using your login credentials.
- Navigate to Pending Actions > Compliance Portal > e-campaign.
Here, you will be able to view the âsignificant transactionsâ made for this financial year. If the details are incorrect and you disagree with the transaction details, you can provide feedback and an explanation on the same.
ITD has issued a press release accepting that one of the reporting entities reported incorrect figures, which are expected to be corrected within a day or two. You can verify AIS again in a few days and pay your advance tax.
However, if you agree with the same, you need to calculate your advance tax liability and pay 100% of the taxes before 15th March 2024 which is the due date for the last advance tax instalment.
You can read here for more details: Advance tax due dates and applicability