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10 Must To Do Things When Filing Your Income Tax Returns With the due date of July 31 fast approaching, it is that time of the year again when the nation's tax payers scramble to file I-T returns. Afterall, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit.For financial year 2007-08, for instance, the basic exemption limit was Rs 1.45 lakh for women below 65 years of age, Rs 1.95 lakh for senior citizens and Rs 1.10 lakh for any other individual. However, for financial year 2008-09, the limit has been increased to Rs 1.80 lakh for women below 65 years of age, Rs 2.25 for senior citizens and Rs 1.50 lakh for males below 65 years.Thus, if your income for the year exceeded the exemption limit, you will be required to file the return by the due date. "You need to file the tax return even if you are not paying any tax or even if your employer has deducted tax at source," says Ashish Kapur, CEO, Invest Shoppe India Ltd.However, despite all the precautions taken by you, rush-hour filing may mean that you could inadvertently miss out on certain details and disclosures, and therefore be on the bad books of the taxman....more
Disability Tax Benefits in Canada for Mania Mania is a biological or psychological state. It may be severe or mild and generally have debilitating effects. Persons suffering from mania exhibit extreme behaviours including over...more
Your IRS Tax Appeal Rights Are you in the average of a altercation with the IRS? One of the affirmed rights for all taxpayers is the appropriate to appeal. If you disagree with the IRS about the bulk of your tax accountability or about...more
Your Well Being And Taxes Few things abuse your abundance like the aggravation and all-overs of assiduous tax problems. A lot of humans accomplish 3 mistakes that get them in agitation with the IRS. They procrastinate. They attack to...more
Tax preparation is the most important concern for a company irrespective of its size, domain, or workforce. With tax laws changing regularly and becoming more and more complex for a common citizen to understand, there is a constant need to entrust...more
Affirming a decision in the lower court, the Sixth Circuit Court of Appeals ruled recently in a controversial case that severance payments made to employees are exempt from federal payroll taxes. (U.S. v. Quality Stores, Inc., CA-6, No. 10-1563,...more
The tax authorities of Denmark have proposed reforms to indirect taxes which are likely to take effect in 2013. The draft law which is subject to the Parliaments approval will also avoid erosion of tax base by providing for indexation of tonnage tax...more