Learn about significant financial transactions flagged by the Income Tax Department for FY 2022-23 (AY 2023-24) and the steps to view and reconcile them in the AIS.
Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023.
The screenshot of messages received by taxpayers is-
“Attention DHA——– ENTERPRISES (PAN XXXXX7416X ) Income Tax Department has received information about certain significant financial transactions relating to FY 2022-23 (AY 2023-24). Please view transactions under e-Campaign tab on Compliance Portal and remember to pay appropriate Advance Tax. You can access Compliance Portal by login to the e-filing Portal (https://www.incometax.gov.in), and clicking Annual Information Statement (AIS) available under Services tab. On Compliance Portal, click e-Campaign tab. Campaign Type – Significant Transactions. – ITD”
Why department is sending this message?
Income tax department wants to collect timely revenue in form of advance tax. So it is requesting taxpayer to pay appropriate advance tax keeping in view income earned and transactions entered by them. It is advising taxpayers to reconcile the payment of advance tax with income and details of transactions shown in AIS i.e. Annual Information Statement.
How can we see details in AIS?
The department has compliance portal in which transactions relating to TDS/TCS, GST Turnover and GST Purchases, Purchase and Sale of Securities and Mutual Funds, Purchase of Motor Vehicle, Business Receipts and Business Expenses are taken from other website and reporting authorities. The department has accumulated transactions or data in compliance portal. You have to view the transactions and accordingly pay advance tax.
Steps to view Significant Transactions-
1. Login to Income Tax portal using PAN and Password.
2. In dashboard go to pending actions portal and click on compliance portal.
3. Click on e-Campaign (AY2021-22 onwards) .
4. Click on proceed and You will be redirected to e-Campaign homepage on Compliance Portal.
5. Under e-Campaign list Significant Transactions for AY 2023-24 will be seen and Overall Status will be seen as pending
6. Click on Pending highlighting in red font.
7. Click on Provide Feedback in AIS
8. You will be navigated to AIS view, click on OK
9. You can see the transactions in AIS and TIS
10. You can also click on transaction and provide Feedback as-
-Information is correct
-Income is not taxable
-Information is not fully correct
-Information relates to other PAN/Year
-Information is duplicate/included in other information
-Information is denied
11. You can submit feedback as applicable and acknowledgement will be generated confirming the feedback.
OUR COMMENTS
It is just and informational message to taxpayers by department that you have to pay appropriate advance tax by reconciling the income and transactions in compliance portal. If you do not pay advance tax, you will be charged interest u/s 234B and 234C.
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Disclaimer: The above comments do not constitute professional advice. The Author can be reached at contact@financialtreecompany.com or visit our website www.financialtreecompany.com. My name is CA Divya Agrawal and I am Practising Chartered Accountant, CEO and Founder of FINANCIAL TREE COMPANY (An online return filing and Tax Consultancy Company). We also upload educational videos in You tube and name of our channel is FINANCIAL TREE COMPANY. Our aim is to help people in improving their financial health by spreading knowledge and love. Stay Financially Fit and Healthy.
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