Income Tax Department Sets March 15 Deadline for Unpaid Taxes

The Income Tax Department (I-T) has launched an e-campaign targeting individuals and entities with financial transactions in the financial year 2023-24 that are not aligned with the taxes they have paid. Through emails and SMS messages, the department is notifying those concerned about significant financial transactions they have conducted, as reflected in the Annual Information Statement (AIS) module, which is accessible for viewing.

Taxpayers are being reminded to assess their advance tax liability correctly and to make any due payments by the March 15 deadline. This initiative is part of a broader effort to enhance tax transparency and encourage voluntary compliance among taxpayers. The Central Board of Direct Taxes has also reported an increase in net direct tax collection by 20% year-on-year, reaching 80% of the revised budget estimates for the full financial year.

Individuals and entities who need to view their financial transactions can do so by registering and logging into their e-filing account on the Income Tax Department's website, where they can access the Compliance Portal. This e-campaign, named "Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25," is a critical step in ensuring tax compliance and collection for the ongoing financial year.