Income Tax E-Campaign: The Income Tax Department has started an e-campaign, through which emails and messages are being sent to those taxpayers whose tax paid and financial transactions in the current financial year (FY 2023-24) do not match.

Are eating. The department gave information about this on Sunday. The Central Board of Direct Taxes (CBDT) said that the IT department is engaged in identifying those taxpayers and institutions whose tax deposited and financial transactions are not matching.

This email and message has been sent for the assessment year 2024-25 i.e. financial year 2023-24. The department is informing such people and institutions through messages and e-mails. All these are part of the department’s e-campaign.

You can pay advance tax till March 15

The Income Tax Department said about this campaign that the purpose of this campaign is to alert those taxpayers who have a difference between their advance tax and financial transactions. Such people can recalculate their tax and deposit their advance tax before March 15.

The Income Tax Department has fixed March 15 as the last date for depositing advance tax for the financial year 2023-24. The department has said that if any person has any remaining tax liability, he can deposit the outstanding amount along with interest through updated return.

Taxpayers themselves can identify the mistake

Taxpayers can identify any tax related errors through their Annual Information Statement. This report can be viewed by visiting the official website of the Income Tax Department. Apart from this, you can also check your financial transactions through AIS app.

The post Income Tax big information! these taxpayers received message and email from IT department, know what is the reason first appeared on Rightsofemployees.com.

pay advance tax

Advance tax is a tax which is paid during the financial year instead of at the end of the year. Tax laws tell when it has to be given throughout the year. Advance tax is paid in installments in a fiscal year. Advance tax is also called pay as you earn.

Penalty is imposed for not paying advance tax

In case of not depositing advance tax on time, penalty can be imposed on tax under sections 23B and 234C of the Income Tax Act. If the taxpayer does not deposit the entire amount of advance tax or the advance tax paid is less than 90 per cent of the total advance tax liability, interest is charged under section 234B. If the installment of advance tax paid is less than the prescribed percentage, then interest under Section 234C is charged at 1% or part of the month every month from April till the date of tax payment.

How to pay advance tax

1. Log in to the official website of Income Tax Department www.incometax.gov.in and click on e-payment service.

2. Select ITNS 280 form. This is an option for individual tax payment.

3. Select the code for advance tax and fill the name, address, PAN, mobile number and other information in the form.

4. Click on Proceed.

5. Make payment on the payment gateway page.

6. After payment, Challan 280 receipt will be generated.

7. Save a copy for future.

The post Advance Tax Deadline: Today is the last date to deposit advance tax, if you miss it, you will have to pay penalty. first appeared on Rightsofemployees.com.