Below is the message being received by Taxpayers from Income Tax department:
Attention XXXXX (PAN XXXXX0000X )
Income Tax Department has received information about certain significant financial transactions relating to FY 2021-22 (AY 2022-23). Please view transactions under e-Campaign tab on Compliance Portal and remember to pay appropriate Advance Tax.
Reading the above message anyone normal taxpayer would be frightened that some huge transaction has been reported in his/her name or even a person who runs a company would worry that what is this transaction reported in company’s name as we were only doing business transaction.
Further, it also asks you to view such transaction under e-campaign and when one goes there, the transactions which are reported are normal business transactions in most of the cases which have been reported due to TDS or purchase of shares or mutual funds etc.
Hence, the message being circulated is just with regard to spreading awareness among taxpayers to pay their advance tax within due time however the path which has been selected to do so is very scary for the taxpayers.
Thus, one should not worry looking at the above message but it could be really useful for people who were not paying any advance tax and looking at these transactions could plan to pay advance tax.
To read more about Advance Tax CLICK HERE: What is advance tax and who needs to pay it? Advance tax on income from stock market | 4th Installment due on 15th March – Taxontips
You can book phone consultation/ assistance online with expert as mentioned below:
To book ITR filing with experts CLICK ME.
To book phone consultation with experts for any Income tax related matters CLICK ME.
To book consultation for Faceless Assessment with experts CLICK ME.
To book phone consultation with experts for GST related matters CLICK ME.
To book general phone consultation with expert CLICK ME.