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Taxpayers warned for paying lower advance tax

The Income Tax Department has sent notifications to approximately 500,000 taxpayers between April and August this year.

These notifications were sent based on an examination of "significant transaction" data from the previous fiscal year and the current fiscal year's first quarter.

The analysis revealed around 2.5 million instances where taxpayers with substantial incomes and high-value purchases made little to no advance tax payments during FY23.

Many taxpayers paid lower taxes in the first quarter of the current fiscal year compared to their substantial expenditures, indicating potential non-compliance.

This initiative aims to discourage non-compliance with advance tax payments, with the second installment due on September 15.

Advance tax payments are divided into four installments and serve as an indicator of potential tax collection in the coming months.

The government is actively addressing inefficiencies in direct tax collection due to a modest 2.8% YoY increase in gross tax revenue from April to July and a nearly 13% decrease in net revenue.

The strategy expedites tax collection and serves as a warning to taxpayers to fulfill their tax obligations promptly.

The revenue department examines data related to high-value purchases to estimate potential taxable income based on PAN-linked transactions.

Click here to know more about the taxpayers paying lower advance tax.

Check here for more personal finance-related stories. 

Income Tax: Taxpayers warned for paying lower advance tax

Approximately 500,000 taxpayers receive notifications from the Income Tax Department regarding low advance tax payments.

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Income Tax: Taxpayers warned for paying lower advance tax

Approximately 500,000 taxpayers receive notifications from the Income Tax Department regarding low advance tax payments.

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