Advance Tax March 15: I-T Dept Tells Taxpayers to Ignore Erroneous Emails

Advance tax is due on March 15, and the Income Tax Department has clarified that some ‘significant transactions’ emails from its advance tax e-campaign were sent in error. We should ignore those nudges, but not our tax duties. To stay compliant in India, we must verify AIS/TIS on the portal, compute any shortfall, and pay on time. This guide explains what changed, how to verify data, and quick steps to pay advance tax correctly today.

What the I-T clarification means today

The department acknowledged a glitch in its advance tax e-campaign that triggered inaccurate ‘significant transactions’ messages. It asked taxpayers to ignore these while it works with its service provider to fix the issue. These nudges are not statutory notices. See coverage in Times of India and Economic Times.

Ignore the erroneous email content, but do not ignore your advance tax obligation. Log in to the e-filing portal, review AIS/TIS entries, and match them with your records. If tax is due, compute the shortfall and pay before March 15. If AIS/TIS shows errors, submit feedback, retain proof, and keep your working ready for return filing.

Quick checklist to meet the March 15 advance tax deadline

Advance tax applies if estimated net tax due is ₹10,000 or more after TDS and TCS. This often covers salaried people with sizable interest, dividend, or capital gains, freelancers, traders, and NRIs with Indian income. Resident senior citizens without business income are exempt. Review year-to-date earnings, large capital gains, F&O results, and interest credits to judge liability.

Update your income estimate, deduct eligible exemptions and deductions, then subtract TDS/TCS. Compute remaining tax plus applicable surcharge and cess. If a shortfall exists, pay advance tax via e-Pay Tax on the portal, choosing “Advance Tax.” Save the challan and CIN. Paying the true shortfall on time helps reduce interest under the law and keeps your books clean.

AIS TIS verification: avoid mismatch pain later

Open AIS and TIS to review tax credits and reported items. Check TDS/TCS, interest from banks, dividends, mutual fund redemptions, broker-reported trades, and high-value SFT items like credit card spends. Match entries with statements. Use AIS TIS verification feedback options to confirm, correct, or tag items as not fully correct. Keep evidence ready for each change.

Submit feedback marking the item as incorrect or not fully correct, and add a brief reason. Keep supporting proofs such as bank statements, broker contract notes, and corrected TDS certificates. Ask the deductor to fix any wrong filings. Your feedback remains on record and helps the department align data with your final income return.

After March 15: interest, records, and next steps

If you miss the advance tax deadline or underpay, interest may apply as per sections 234B and 234C. Pay the shortfall as soon as possible to limit extra cost. Update your working papers, and set reminders for the next instalment cycle. Plan cash flows so future advance tax estimates are timely and closer to actuals.

Keep a single folder with your advance tax computation, challan, AIS/TIS snapshots, and feedback receipts. Maintain broker statements, 26AS, and bank interest certificates. A clear audit trail helps if queries arise later. A monthly update to your income tracker reduces last-minute stress and supports a smoother return filing season.

Final Thoughts

Today’s clarification is helpful: ignore the erroneous ‘significant transactions’ emails from the advance tax e-campaign, but not your actual dues. Before the March 15 deadline, we should reconcile AIS/TIS with bank, broker, and fund statements, compute any shortfall after TDS/TCS, and pay using e-Pay Tax. If AIS/TIS has errors, submit feedback and keep proofs. After payment, save the challan and update your working. For the next cycle, track income monthly, estimate tax early, and set alerts. That way, our advance tax stays accurate, interest costs stay low, and compliance remains easy.

FAQs

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.