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The tax authorities have recognized taxpayers and entities the place cost of taxes for 2023-24 is just not commensurate with the financial transactions made by them up to now this yr and the thought is to urge them to pay their taxes. This is a part of the taxpayer service initiative and the tax department is enterprise the e-campaign and urging people and entities by way of e-mail and textual content messages to compute their advance tax legal responsibility accurately and deposit the due advance tax on or earlier than March 15.
The legislation requires salaried, companies and freelancers with legal responsibility of over Rs 10,000 to pay advance tax, which is to be deposited in 4 instalments with the final one due by Friday. Advance tax helps govt handle its useful resource stream higher. Tax authorities obtain info of specified financial transactions of taxpayers from varied 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 the persons/entities for viewing. The value of ‘significant transactions’ in the AIS has been used for carrying out this analysis,” it mentioned in an announcement. It mentioned that for viewing the small print of serious transactions, the people and entities can login to their e-filing account, if an account has already been created, and go to the compliance portal. On this portal, the e-campaign tab could be accessed to view vital transactions.
The authorities have been utilizing expertise, together with large knowledge and synthetic intelligence, to collect info and plug loopholes. They have additionally relied on expertise to make it simpler for taxpayers to entry info electronically and considerably decreased the necessity for private interplay with tax officers.
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