Pay Your Advance Income Tax By This Date To Avoid Penalties

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.

Advance tax returns: The Income Tax department launched an e-campaign on March 10 to intimate tax-payers.

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."