By Rakesh Nangia & Rahul Jain There has been tremendous growth in the number of foreign enterprises which work on short-term projects in India. As per the prevailing tax deducted at source (TDS) provisions, their entire income is subject to TDS at the applicable rates which fully covers their Indian tax liability. The question then arises as to whether filing of a tax return is necessary in India. Enterprises not well versed with the Indian tax laws generally believe (on the basis of their experience in other countries) that once income has been subjected to TDS, there should be no requirement to file a tax return in India. The concerns raised are not without reason. Filing of a tax return in India involves compliance fee to be paid to the tax consultant while the possibility of an audit by the tax authorities is omnipresent once a return is filed. While there was previously a sound legal basis which enabled one to take an aggressive position that filing of a tax return is not … [Read more...] about Paid TDS? Now don’t forget to file your income tax return
Amending previous years tax returns
MANY of Australia’s 2.1 million rental property owners are missing out on thousands of dollars of tax deductions each year by failing to correctly calculate depreciation. New figures from BMT Tax Depreciation show that since tax time started on July 1, its investor clients have achieved depreciation claims averaging $8893 per property.That’s much more than the latest Australian Taxation Office records showing average annual claims totalling $3600 for capital works (construction costs), plant and equipment.REAL ESTATE: The best places to invest in propertyMORE: Get your slice of $17.5 billionMORE: Slash $14,000 from home loan interest chargesBMT Tax Depreciation CEO Bradley Beer said many investors failed to seek adequate advice.“Thousands of dollars of legitimate tax deductions are being left on the table each year,” he said.Big ticket items such as ovens and carpets often provided the biggest deductions, Mr Beer said, but investors should not ignore smaller … [Read more...] about Property investors: did you get your $9000 tax deduction?
The due date for filing income tax return for FY2017-18 – for certain category of taxpayers – has been extended till August 31 this year. By this time many of you must have filed your tax return. However, if you are one of those who have still not filed their tax return or are still wondering which form to use or what has changed in the new forms, here’s all you need to know about the new ITR forms. It may be noted that the Central Board of Direct Taxes (CBDT) had some time back notified the new ITR (Income Tax Return) forms for Assessment Year 2018-19 or Financial Year 2017-18. These new ITR forms – ITR-1 Sahaj, ITR-2, ITR-3, ITR-4 Sugam, ITR-5, ITR-6 and ITR-7 – incorporate the requirements as per the amendments made by the Finance Act, 2017. For example, for FY2017-18, CBDT has notified a one-page simplified income tax return (ITR) Form-1 (Sahaj). Any individual, who is resident other than not ordinarily resident, and has income up to Rs 50 lakh from … [Read more...] about Filing income tax return? Here’s what has changed in the new ITR forms for AY2018-19
Filing income tax returns (ITR) is not only mandatory, it's also a sign of financial prudence. Since the last date of filing ITR is July 31, you are left with three weeks to gather all financial detail proofs and information about taxation amendments before you file your income tax returns. An important aspect of filing ITR is filing it on time, failing which you may have to pay penalty up to Rs 10,000 besides interest. The Income Tax Department keeps on reminding people to file ITR on time but there are certain details that need to be kept in mind before going ahead with filing your ITR. Income-tax returns validate your creditworthiness and make it possible for you to access financial benefits such as bank credits, etc. Failing to file your returns before the deadline may cost you dear. Although you have an option to file ITR after the deadline -- before the end of the fiscal year 2018-19 -- you may have to pay a penalty up to Rs 10,000. The ITR for FY 2017-18 can be filed till March … [Read more...] about Income tax returns: File ITR before July 31 or pay fine up to Rs 10,000
© Getty Income Tax Pallav, a Chartered Accountant, rummages through his multiple clients forms in a last minute checkup for accuracy before filing their income tax returns in Bandra on Monday, the last day declared for carrying out the same by the IT Bureau. As the deadline to file income tax return (ITR) for FY 2017-18 is approaching so are the last minute jitters for many. The last day for filing ITR is July 31, 2018, and you must not miss the deadline at any cost. Filing returns on time is proof of tax compliance and financial prudence.Whether you are filing ITR for AY 2018-19 for the first time or are unsure about the taxation amendments for FY2017-18, here is a quick guide on what you need to know as a salaried employee.While you do not have enough time left to draft strategies to save more tax but you can still take some necessary steps to claim the deductions. While filing the return, you would however need to keep all proofs handy.The amendmentsIt might sound like a … [Read more...] about Your complete guide to file income tax return