Myth 1: Getting a Tax refund in this year means, there is no need to pay withholding tax for the next year. Truth: Refund in one year will be adjusted in the next year tax due to department if both years are under the assessment and interest , penalties can still be levied . Adjustment of … [Read more...] about Top 5 Myths about Tax Refunds
– On time filing avoid penalties The Income Tax Department levies a penalty onassesee’s for non filing of tax return within the prescribed due dates. It may extend upto Rs 10000. Tax credit claim - In order to avail the tax credit out of the taxes paid in India when filing the foreign … [Read more...] about Top 5 Benefits of Filing Income Tax Return Online.
Threshold limit: Filing of Income Tax returns is mandatory for both Individuals & NRI’s. If an Individual’s total Income is 2.5 lakh then they ,has to file the tax return. Even if assesseetotal income is 2.5 lacs before permissible deductions it is required to file Nil Return for records. … [Read more...] about Top 3 Things you must keep in mind while filing Your ITR this year
In every field there is off season and busy season and tax field is not an exception. Meeting the clients demand in the peak of the hour is a tough task. As a professional firm it should manage the team in such a way that the regular tasks can be done by normal team and where it has more diverse … [Read more...] about How to Manage Clients With in a Busy tax Season
We can transfer the benefit to the client only if we can save from our cost. If we end up uploading the returns in the last minute the man hours spent for uploading will be more and the ITR form gets updated at regular intervals and if we start and keep on pending the tax return need to be updated … [Read more...] about How to Encourage your Clients to File their ITR Before Due Date
Creating a brand is an art it can be based on person or organization. Unless we provide the best service to the customers we cannot create the same. It is not just a logo it is an effort kept by the person/team over years of their service. If your are in the early stage of career so simply start … [Read more...] about How to Build Your Own Tax Preparation Business Brand