New Delhi: 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.
