Save significant time on calculating your federal income tax depreciation @ https://www. What is bonus depreciation? This accelerated depreciation can significantly reduce your tax liability, leading to increased cash flow for your business. This requires the filing of a Form 3115 (Change in Accounting Method) and a 481(a) adjustment. ”Most of our studies return savings equivalent to many multiples of the bonus depreciation study cost in the very first year.

These are a)     Faceless Income Tax assessment OR Faceless assessment under Income Tax andb)     Faceless Appeal under Income taxThe objective of introduction of faceless assessment and faceless appeals are to reduce tax disputes matters and to minimize the harassment faced by the taxpayers. The Income Tax faceless assessment scheme is a right step towards ease of doing business and bringing more transparency in disputes of tax matters, and compliances. Under the faceless assessment scheme, a taxpayer (assessee) is not required to visit the Income Tax Department Office or to meet any officer for their income tax-related dispute. The key features of the Income Tax Faceless Assessment Scheme are :-Ø No Human Intervention. Thus, faceless assessment scheme introduced by the government is a welcome step towards reduction of corruption and harassment of taxpayers and will facilitate the transparent and fair Income tax assessment.

Everyone whose net total income is above exemption limit is liable to pay income tax. Therefore, to ensure you file your returns before or on due date Income tax return services are provided by Taxmaazra. In India, the Income Tax Act came into force in 1961, but it has been amended several times according to economic, social and financial requirement. As per the Income Tax Act, there are 2 types of taxes in India - Direct Taxes and Indirect Taxes. Few advantages are mentioned below:·        Proof of Income,·        Easy approval of Foreign VISA,·        Claim Losses,·        Use as address proof, etc.

It will be the single point of contact between the tax payers and the Income Tax Department. i)      After completion of the assessment, all the relevant files are transferred to the jurisdictional assessing officer for conducting post assessment work. j)      Any appeal against the faceless assessment order must also be filed electronically i. k)   In case assessee requires personal hearing, same shall be provided through video conferencing only. l)      Presently, international taxation cases, Transfer Pricing cases and search and seizure cases are excluded from Income Tax Faceless Assessment and same would continue to be done in manual or physical manner.

Recently, the government has introduced new scheme of Faceless Income Tax Assessment and there were quite a high expectation of smooth conducting of Income tax faceless assessment, in a more transparent manner and providing some respite to the tax assesses. Inspite of all the well intent behind the introduction of faceless Income Tax Assessment, in reality, right from its inception, the tax payers are facing lot of issues which has led to discontent among the assesses. Section 144B which deals with the entire scheme of new Faceless Income Tax Assessment, are often ignored by the tax officials while passing the assessment order. Often, under the new scheme of faceless assessment, the revenue passes the order without granting a personal hearing to the assessee. The government and CBDT should bring about clarification/ amendment in the faceless Income Tax Assessment Scheme in order to address aforesaid issues as well as other issues being faced by the assessee otherwise the entire purpose of new faceless assessment scheme will be defeated.

Every person earning any income in India are require to do their tax computation and Income Tax Return Filing or ITR filing every year, in case, it has taxable income more than prescribed limit. In this article we have highlighted some important points to be kept in mind while doing Income Tax Return Filing in India. They would be required to furnish the same if they enter high-value transactions during the relevant FY as under:·        Payment of electricity bills exceeding Rs 1 lakh;·        Deposit of more than Rs 1 crore in aggregate in one or more current bank accounts;·        Spent more than Rs 2 lakh in aggregate on overseas travel for self or any other person. Therefore, it is very important that while filing Income Tax Return, all such transactions as are appearing in form 26AS and Form AIS must be shown in the tax return, otherwise, tax department would issue an Income Tax Notice and may start the Income Tax Assessment proceedings against the tax payer. Not to Skip interest income earned on bank deposit Normally, while filing Income Tax Return, the tax payers ignore showing interest earned on savings bank deposit.

As the financial year draws to a close, individuals and businesses in India are gearing up to fulfill their civic responsibility by filing their income tax returns. Understanding the Income Tax ReturnAn Income Tax Return (ITR) is a formal declaration that taxpayers, encompassing individuals, businesses, and organizations, use to report their income, expenses, deductions, and tax liabilities to the government. The Significance of Filing Income Tax Returns in IndiaThe process to file income tax return in India offers several pivotal advantages to you:Legal Compliance: Filing your income tax return is not just a choice; it's a legal mandate for individuals and entities exceeding the specified income threshold. Steps to File Income Tax Returns in IndiaStep 1: Gather Essential DocumentsBegin by collecting vital documents such as Form 16 (issued by your employer), bank statements, investment proofs, and additional income details. ConclusionFiling income tax returns in India is more than a financial duty; it's a contribution to national progress and your financial well-being.

You will need to hire professional tax services if you want your taxes to be filed accurately. You will not be under a lot of stress when the tax season arrives if you are working with a professional. Figuring out your tax situation on your own may not be an easy process. Knowing such information can make a very huge difference on your tax returns. If you get a professional tax preparer that you can trust, filing tax returns in the future will be an easy process.

ITR is an official submitting income tax return online of documents that every taxpayer is required to file in accordance with their income amounts, deductions and other related information pertaining to their tax liability. There are various advantages of submitting income tax return online:·        Avoid penalties as income tax department will dodge heavy penalties on late filing of IT returns. Many people think that the submitting income tax return online is optional. In case, if asseesee do not file your Income Tax Return due to any reason, the Income Tax Department will send notice asking to abide by the rules and file your returns. Taxmaazra will help to file income tax e-filing within due date to avoid penalties & unnecessary scrutinize.

Normally, for an individual and HUF assessee, the due date for filing the tax return is 31st July every year. However, at the time of COVID pandemic or some other unforeseen circumstances, CBDT may also extend the due date of tax return filing. Computation of Tax liability For individual tax payers, there are 2 types of regimes for computation of tax liability i. 250,000: Tax rates are nil. On basis of such decisions, proper tax payable may be computed and finally, income tax return may be filed.

Check out this guide on how you can file your income tax return without worrying about any mistakes. This makes filing your income tax return in Mumbai a breeze. in How to File Income Tax ReturnIf you are an individual resident in Maharashtra and your total income for the financial year is more than ₹24,000, you need to file an Income Tax Return. Fill out Form 8891, Request for an Extension of Time to File Indian Income Tax Return. If you are not resident in Mumbai but have income from any source during the tax year, you can still file an income tax return using the online e-filing service.

A tax consultant can be described as someone who can help reduce your tax liability by following the best practices. An income tax consultant will help you avoid the complexities of tax codes which can be confusing for many people. Although it may seem like the laws are not very important, they can make a difference in choosing an income tax consultant. Inexperienced income tax consultants can provide incorrect advice that could lead to legal disputes. LegalPillars is a platform that provides online CA services and it is a tax consulting firm that offers tax planning, tax preparation, tax compliance, bookkeeping, accounting, payroll, business advisory, incorporation, and tax return preparation.

An assessee will get different Benefits from Filing Income Tax returns on Time. In this blog, we will discuss the different advantages of filing income tax returns. Different advantages of filing income tax returns on time Income Tax return filing in India is an important step for every individual, company, and small firm. You can use ITR returns in 2 ways such as:·     Income Proof ITR statement includes the list of all the incomes and expenses. As per Sections 234A and 234B of the Income Tax Act, taxpayers can save interest by filing ITR returns every year from time to time.

Income Tax Every person who earns an earnings in India is meant to pay Tax at the Income earned via way of him all through that economic yr to the authorities of India. Calculation of the Income Tax to be paid via way of an person is a bulky process. Clubbing of Minor IncomeHeads of Income:The Heads of Income consists of the kinds of earnings earned via way of an person that might qualify as Income for which he/she desires to pay tax. Income Tax Exemption:The Income Tax legal guidelines permit all folks who are assessed for earnings tax to assert exemption from earnings tax below the subsequent heads. A most of 12% of your simple Salary is eligible for exemption from earnings tax)b.

For individual assessee, the due date for filing Income Tax Return is 31st July every year unless there is some extension in the due dates. Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Filing forms for FY 2021-22 or AY 2022-23. CBDT has released the offline utility for filing ITR-1 and ITR-4 and the assessee may download the offline utility from the tax department portal and file the Income tax return. 1)     ITR-1 may be filed by any Resident individual who is not Not Ordinary Resident and have total income less than Rs. Following persons cannot file form ITR1 namely, a.

Further, such person would be liable to file Income tax Return in India only if He/She is taxable in India. As per provisions of DTAA, such double taxation can be avoided by providing foreign tax credit in the country of residence. Foreign Tax Credit in IndiaNRI and PIO, if becomes tax resident of India, can claim credit of taxes paid in foreign countries while doing ITR Filing in India, subject to the fulfillment of prescribed conditions and also furnishing of prescribed documents. This certificate may be obtained from anyone of the following:a)     From the person making the payment and responsible for deduction of TDS orb)     From the income tax authority of the foreign country orc)      Self-attested copy of declaration signed by the assessee (along with an acknowledgement of online payment or bank counter foil or challan for payment of tax where the payment has been made by the assessee or proof of deduction where the tax has been deducted). This need to be kept in consideration at the time of NRI Tax Return filing as well as filing of Income tax Return of Residents.