The Income Tax Department of India has initiated an Advance Tax e-campaign for the financial year 2023-24, targeting individuals and entities with significant financial transactions. The campaign aims to inform these taxpayers about their tax liabilities through emails and SMS, urging them to compute and deposit their due advance tax by the specified deadline. Additionally, the department has conducted searches at Balkrishna Industries' Mumbai office, as reported by Soumeet Sarkar. This action is part of a broader effort by the tax authorities to ensure compliance and proper tax payment by individuals and businesses, highlighted by the department's recent activities in monitoring financial transactions and enforcing tax laws, with some taxpayers anticipating a monstrous tax liability by EOY or early 2025.
Income Tax Department Sending Emails, SMS In Cases Of Tax Mismatch: All You Need To Know https://t.co/Q6J6dAvVyz
Investing is seen as a way people can build their wealth but the better investments do, the more the tax man wants to take. There is a way to get around this ⬇️ https://t.co/BCxC02Gbqf
News Alert | Income Tax Dept conducts searches at Balkrishna Industries' Mumbai office, sources say ET NOW's Soumeet Sarkar. @soumeet_sarkar https://t.co/a45FysRx4S
News Alert | Income Tax Dept conducts searches at Balkrishna Industries' Mumbai office https://t.co/GuxavtSPn0
Income Tax Dept conducts searches at Balkrishna Industries' Mumbai office https://t.co/REqWJ1lb4B
Advance Tax Payment: 'Significant financial transactions...' - Compute FY24 tax liability correctly and deposit by THIS date https://t.co/ktMd7qk4Yb
News Alert | I-T Department: Got certain info on specific financial transactions undertaken by persons/entities during FY24 https://t.co/lKNiolMqBF
Income Tax Department to undertake Advance Tax e-campaign for financial year 2023-24 https://t.co/ocv4i2KGie
Income Tax Department to mount e-campaign for Advance Tax e-campaign for F.Y. 2023-24 Through e-campaign, persons/entities carrying out significant financial transactions will be informed through email/SMS to urge them to compute and deposit their due advance tax on or before…
If this year goes as expected, I anticipate having a monstrous tax liability EOY or early 2025 Who should I be talking to in order to prepare for this?
There is a tax trap I see novice business owners fall into- The first year they make good money they get HAMMERED with taxes for the first time They have a great year where they make a lot of income. They have to do three things- 1. Use the profit of the business to capitalize…