fbpx
Telangana #1 Best tax compliance platform
ThinkBiZ FilingsThinkBiZ FilingsThinkBiZ Filings
+91 8977983666
info@thinkbizfilings.com
Hydrabad,Telangana
ThinkBiZ FilingsThinkBiZ FilingsThinkBiZ Filings
Income Tax Department Identifies Errors in Advance Tax Payments

Summary:
The Income Tax department has acknowledged errors in the advance tax payment notices sent to taxpayers due to inconsistencies in securities market-related data reported by a particular entity. Taxpayers are reassured not to worry and to await further information based on the updated annual information statement (AIS). An e-campaign has been launched to notify individuals/organizations whose tax payments do not align with their financial transactions for the financial year 2023-24.

Advance tax returns: The Income Tax department said that taxpayers who received advance tax payment notices in the last few days should not worry in case of error. In a post on X (formerly Twitter), the IT department said that it has identified some errors in data reported in the annual information statement (AIS) of taxpayers for the financial year 2023-24. Owing to this, some taxpayers received notices for payment of advance tax which were significantly higher than what they had anticipated.

The error is due to certain inconsistencies in the securities market-related data reported to them by one reporting entity, it said, adding, “Based on feedback from taxpayers on the e-campaign for advance tax, the department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the reporting entities. The reporting entity has been asked to submit a revised statement based on updated information.”

The data on AIS will be updated and taxpayers should wait for further information on AIS based on the revised statement, the IT department said.

The Income Tax department also launched an e-campaign on March 10 to intimate taxpayers whose tax payments did not match financial transactions reported in AIS.

It said, “For simplifying compliance and strengthening taxpayer services, ITD, through e-mail and SMS, is undertaking an e-campaign to reach out to persons/entities whose tax payments may not be commensurate with their financial transactions during FY 2023-24 (AY 2024-25). The analysis (is) based on ‘Significant Transactions’ from AIS module of e-filing portal.”

Leave A Comment

0
No products in the cart.