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Income Tax Department launches e-campaign for Advance Tax payment for FY 2023-24

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Upstox

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2 min read • Updated: March 11, 2024, 11:40 AM

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Summary

The e-campaign aims to inform persons and entities of significant financial transactions through email and SMS, requesting them to correctly compute their advance tax liability and deposit the due advance on or before March 15, 2024.

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This is an initiative by IT Department towards easing compliance for taxpayers

The Income Tax Department has launched an e-campaign for Advance Tax for the financial year (FY) 2023-24.

"The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to persons/entities for viewing. The value of 'significant transactions' in the AIS has been used for carrying out this analysis," the IT department said in a statement.

The e-campaign aims to inform persons and entities of significant financial transactions through email and SMS, requesting them to correctly compute their advance tax liability and deposit the due advance on or before March 15, 2024.

How to check significant transactions?

Taxpayers can view details of such transactions by logging into their e-filing website and going to the compliance portal. The 'e-Campaign' tab on the portal will show the significant transactions, if any.

Persons and entities who are not registered on the e-filing website can first register themselves. After that, they can go to the compliance portal and view significant transactions via the e-Campaign tab. ALSO READ: IT department identifies mismatches in ITRs, urges taxpayers to e-verify their status

How to register for e-filing?

  • Visit https://www.incometax.gov.in/iec/foportal/ and click on 'register'
  • Enter your Permanent Account Number (PAN) under register as Taxpayer and validate
  • Fill in all mandatory details like name, date of birth, gender and residential status.
  • After PAN validation, contract details will appear for individual taxpayers. The user needs to enter details, including mobile number, address, and email.
  • Click 'Continue'
  • Two separate OTPs will be sent on the primary mobile number and email ID. Enter the OTPs and click on continue.
  • Edit details if necessary and click on 'Confirm.'
  • Set your password and click register.
  • You have successfully registered on the e-filing portal. Click 'Proceed to Login' to begin the login process.