There are a number of people who own investment property yet have not yet got their depreciation schedules done. This is mainly due to one or more reason such as they were unaware about it maybe their accountant never informed them about their right full claim. If you are planning to build a commercial building or selling an old property, then it is must that you consider tax depreciation. With Tax Depreciation Schedules prepared it allows the taxpayer to recover the cost of a property or assets.

Tax depreciation is made under strict rules and only registered quantity surveyors can make these schedules. Over a period time tax on an asset can be recovered owing to its depreciation. It is necessary that you claim investment property depreciation as it is ones legal right and can add to your income. The value of plant asset depreciation and over time they wear out. No matter property is new, old or renovated one has the right to claim tax deductions on them. When a professional does the work rest assured that you are maximizing the cash return from your investment property. They ensure that each depreciation claim is maximized on the building and you get what is rightfully yours.

The benefits and investor receive on depreciation vary depending on the type of building, its age, and its use. Diminishing value methods are used when preparing tax depreciation schedules for commercial, industrial or residential building. Most companies are accredited with the government certification who provide prompt and professional service to clients. Below is the process that quantity surveyors follow when preparing tax depreciation schedules:

1. They will visit the site and carry out a detailed inspection of the property from measuring, taking photographs ensuring that it is eligible for depreciation.

2. They compile all the detailed records and photographs to go in for the claim.

3. All the documents associated with the property, then examine their usefulness for the    purpose of the claim is determined.

4. Then a detailed schedule is prepared for submission.

The schedules that are prepared to ensure maximum items are identified, including all the low-cost and low value items. These are valid for a lifetime of the property or till the time any major changes are done in the property. In the end it is must for all property owners to investigate whether they are eligible for any tax deduction or not. To know more, visit http://tslquantitysurveying.com.au/ 

Singapore is often regarded as a ‘tax haven’ for a set of progressive policies and benefits that the nation’s tax system offers to its residents. The Inland Revenue Authority of Singapore (IRAS) has imposed relatively low headline tax rates for Singapore corporate income tax, personal tax, and Goods and Services Tax (GST) in the world context.

It is obvious fact that when you are paying less tax, you are likely to retain a higher portion of the income with you. As a result, Singapore has witnessed a major upsurge of foreign talents who visit the island country to take the plunge into its myriad tax benefits.

Singapore Corporate Tax:

The corporate tax system of Singapore is pro-business in nature. The headline tax rate has been reduced consistently over the years and currently, it has been fixed at 17%. It is a part of the government’s initiative to make the country a lucrative investment destination. Apart from having lower tax rates, the system has a host of tax incentives and allowance facilities that a business can opt for.

Single tier tax system:

In simple term, there is no double taxation for shareholders in Singapore. Corporate income tax paid by the company on its chargeable income is the final tax. Dividends paid to the shareholder by a company are not subject to tax. The absence of a tax on capital gains is another milestone that one can achieve in Singapore tax system. Profits on sales of fixed assets and foreign exchange are considered as capital gains.

General Tax incentives:

Full tax exemption for start-ups and partial tax exemptions for existing companies are the two main tax incentives that are meant for Singapore tax residents. Under the full exemptions scheme, a newly-incorporated company does not need to pay tax on the first S$100,000 taxable income for each of first three years. To enjoy this exemption benefits, the company should be incorporated in Singapore, a tax resident of Singapore, and the number of shareholders should not be more than 20.The existing company with less than S$300,000 annual revenue can pay only 8.5% tax. This comes under partial tax exemption benefits of Singapore taxation.

Double Taxation Agreements:

Singapore has a wide spanning network of tax treaties with various nations. Currently, the country has more than 60 comprehensive and 7 limited Double Taxation Agreements (DTAs) in force. The main objective of DTAs is to help businesses avoid double taxation of their income and gain access to a platform to settle tax disputes.

Annual Singapore Tax filing:

Singapore Tax filing due dates for corporate taxpayers are 30 November (Paper filing) and 15 December (e-filing) of every fiscal year . Every company has to submit a complete set of returns, including Form C, audited/unaudited accounts, and tax computation.

Personal Income Tax:

Personal income tax is taxable to the individual’s income earned in Singapore. The tax rates start from 0% to 20%. This tax is applicable for Singapore citizen, permanent resident and the foreigner (who is not a director of a company) who has stayed / worked in Singapore for 183 days or more in the previous year. 15 April (Paper filing) and 18 April (e-filing) of every fiscal year are the last dates for filing personal tax in Singapore. The tax amount is assessed based on a preceding year basis.

Singapore Property Tax:

The IRAS charges property tax based on the annual value of the property. The tax is applicable for all types of property owners including private properties, HDB (Housing Development Board) flats, offices and vacant lands. The property tax rates of the owner-occupied houses and non-owner occupied houses are calculated separately. The current rates of the owner-occupied property are in the range of 0% to 16% whereas the rates of non-owner occupied properties range between 0% to 20%.

Goods and Service Tax (GST):

The term GST stands for Goods and Services Tax and it is also referred as VAT (Value Added Tax) in many other countries. The current rate of GST is 7%, which is relatively lower than most of other jurisdictions. GST registration Singapore is mandatory to the companies whose expected annual revenue exceeds 1 million SGD.

Taxpayers facing unfair scrutiny by the Income Tax Department can have facility to get their grievances redressed in a short period of time. They do not need to take the route of courts and follow other mechanisms.

The Finance Ministry through the Central Board of Direct Taxes (CBDT), has asked the Income Tax Department to create “local committees” embracing senior officers in each region, and provide solution of all complaint petitions within two months from the end of month in which complaint received.

Income Tax Department is going to set up these committees across the country from next month.

A taxpayer, who feels unsatisfied by an order of a tax assessment officer or thinks it is irrational, can petition the committee which will be publicised in the media by the respective tax regions, the official said.

You can consult any tax consultancy in India. They provide support from Company registration to filing e-returns. For company Laws and company incorporation visit link Company Incorporation in India steps

New Rules for filing Tax Returns in India

New forms, additional information, completely paperless filing…. the Finance Ministry has introduced several changes in the way taxpayers will file their returns this year. As a taxpayer you need to be aware of these changes lest you file an incorrect return that gets rejected or results in a scrutiny notice.

This week’s cover story looks at the changes in the tax filling process and documentation and explains what taxpayers need to do. There is also a smart step-by-step guide to tax filing that will ensure an error-free return.

Many taxpayers tend to believe that if they have no tax liability or have already paid all taxes, they need not file their returns. “It does not really matter whether you have paid any taxes or not.

Even if all your taxes are paid through TDS by the employer and bank or you have paid an advance tax, you still need to file returns if your annual income exceeds Rs 2.5 lakh, .But before we get there, let’s look at the major changes in this year’s tax filing rules

Extended deadline

The filing deadline has been extended to 31 August so you have about six weeks to file your return. But it’s best not to delay the process unnecessarily. If you have got all your documents (Form 16 from employer, bank statement, TDS details, capital gains statement) in place, file your return as soon as possible and get over with it. Why delay something that you cannot avoid.

New tax forms

The massive outcry against the mandatory disclosures of foreign trips and dormant bank accounts in the new ITR forms has forced the government to revise them. The revised forms are much simpler and taxpayerfriendly. But though you won’t have to fill a 14-page return, the new forms have retained some of changes proposed earlier.

A new three-page ITR 2A form has been introduced for individuals and HUFs who may own more than one property, but do not have any taxable capital gains, income from business or profession or foreign asset and income outside India.

ITR-1 (Saral) can now be filed by individuals even if they have exempt income. Earlier, individuals were not allowed to use this form if they had exempt income exceeding Rs 5,000. However, individuals having agricultural income exceeding Rs 5,000 will still not be able to use Form ITR-1.

E-filing scope widened

One major change is that e-filing is now mandatory for taxpayers who are claiming a refund. Even if their income is below Rs 5 lakh, they still need to take the online route. However, this rule does not apply to super senior citizens above 80 years. They can still file their taxreturns in the physical mode.

However, e-filing has its own benefits. “E-filed tax returns get processed much faster and the refunds gets credited early and go directly into your bank account. The taxpayer can also track the status of processing of his tax return online”.

If you are familiar with tax forms and rules, you can file for free on the Income Tax Department website. Some portals also allow free tax filing. Others charge a small fee for guiding you. Take professional help if not sure. It costs a little, but will ensure that your tax return is error-free.

For more information on tax filling and know how to save tax on your earning please visit by clicking on Tax consultancy in Mumbai 

Phases has developed the ability to handle business management, accounting services & online tax filing in Colorado Springs, CO for our clients across the country and now via internet across the world. Through our paperless services we can easily communicate and aid our clients with their business and personal taxes and accounting.

Since 1987 Phases has been dedicated to providing small business management, accounting and electronic tax filing Colorado Springs to our clients. Today with over 1,000 clients we are helping small businesses and individuals with expert advice and business services. We are committed to giving all of our clients the accurate and timely service they deserve.

An accounting firm is known for the quality of its service. Phases’ reputation reflects the high standards we demand of ourselves. our primary goal as a trusted advisor is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you.

Phases Business Management feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients.

Our high service quality and “raving fan” clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

As a small business owner you have more important things to do than to keep your own books. At Phases Accounting and Tax Service, we take care of your books for you, so you can get back to the job of running your business and generating profits!

Our clients love our tax preparers in Colorado Springs, CO because they are pros that do nearly 1,000 tax returns a year! These pros have seen it all. Preparing your own income tax return can be a task that leaves you with more questions than answers.

Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. You need an experienced tax preparer to prepare your best tax return given your specific situation.

At Phases Accounting and Tax Preparation our expert tax preparers in Colorado Springs, CO will get your tax return done to the highest professional standards with all the deductions you are entitled to. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional. Our income tax preparer Colorado Springs are second to none! If you’d like to receive more information about our Tax Preparation Service, please complete this form.

The vast majority of the people who earn sufficiently well are mostly required to give a portion of it back to the government through the typical method for filling out a pay tax return. They then send the necessary portion of their salary to the government. However, it is vital to realize what part of income is taxable and what is free of taxes. This process alone is generally simple for people to process all by themselves.

Filing an income tax return in Montreal at the later end of the year can be an assignment that is dependably ridden with strained periods. Your income tax preparation in Montreal is something you need to get done professionally to avoid paying unduly more. For this, I advise you get an income tax accountant in Montreal or ncome tax return services in Montreali. Not just may one be occupied with the different issues that one may need to handle professionally and personally, the fact that at the year end, you are not by any means the only individual filing a tax return guarantees that you have to remain in long queues with others.

There is a simple technique that could settle every of your burdens if you are someone who has numerous essential things to take care of which may be as imperative as or more critical than your tax return. The Government has concocted a method that will empower you to document your tax return online. This empowers you to skip numerous queues and spare important time. The whole practice is divided in basic steps to encourage you to finish your tax return with ease.

The different steps are available on the web and you can locate the different steps to finish your income tax return. They incorporate filling a number of forms and a decent little E-calculator that allows you to compute the tax amount to be paid and so forth. One needs to pay online by means of different banks, the rundown of every one of these banks are additionally accessible on the government website.

In spite of the fact that the task of filing online is much less demanding contrasted with doing it in a non-electronic way, there are a couple of inconveniences. One of them being that no service or professional is accessible to offer you some assistance with reducing the time spent while filing or to help do your filing in a less demanding way. This is where the services of professionals come handy in the Montreal income tax return preparation. Beyond the fact that the filing is done faster and professionally, you also get to enjoy some expert benefits.

A careful search of the website for services that can offer you some assistance with reducing the rigor of filing tax return would show you services that are truly helpful. Some of them offered services such that filing a return can be separated into three stages. One must be somewhat incredulous about delicate tax related data being given to some arbitrary website, so guarantee that you pick a reliable website by checking if numerous individuals have been given this service

Quit putting off paying your taxes till the latest possible time. In the event that you need the best tax return you should begin right on time to ensure that you get every one of the deductions that you merit. Your own personal income tax return Montreal should not be rushed. So to offer you some assistance with getting started, here is a rundown of things you ought to do to get you prepared.

To begin with, you need to schedule properly a period to begin filing your Montréal personal income tax return and stay with it. Turn off your TV and radio and concentrate at work at hand. Accumulate every one of the records you require and have some type of personal tax return service in Montréal help accessible to you. With the standards for personal tax return in Montréal always transforming, you need all your assistance readily available.

Choose whether your own personal income tax in Montréal will be documented as single, head of household, wedded or whatever. Play around with this to see what might be best for you. You additionally need to play close attention to the kinds of deductions you will have, for example, IRAs, pensions, students loan, alimony and others. Don’t forget the chance to itemize your deductions and contrast them with the standard deductions to see which one is best. You need to ensure that you take the higher sum here.

Your exceptions can offer you some assistance with getting more out of your salary tax return. In the event that you have issues with who can file the kids to claim dependence allowance, then get this understood at this point. You both can’t file for them in the meantime. A tax credit for every kid is a dollar for dollar deductions and you have to get this worked out. Besides, there are additionally credits for adoption, education even foreign taxes among other things you might need to consider.

After you have done all of that, then you need to choose how to file your taxes. Would you e-file or put in the mail? Filing online will offer you some assistance with getting your tax return speedier although via mail, you can have your check quickly deposited. Regardless of what you choose, simply get it recorded. Do all that diligent work to get a pay tax return just to put off getting it to the IRS.

To wrap things up, get some type of receipt after your filing is done. Your tax return could get lost and in the event that it does you will be in the snare. On the off chance that you document a tax return online they ought to give you some type of code to keep with your records. You can likewise document your personal tax return by affirmed mail. That way you have some evidence that you filed in case it doesn’t arrive.

Since you got your own pay tax return all dealt with you can relax a bit. On the off chance that you require more help with your taxes, you can simply document an amendment to previous years’ taxes from now.

Income Tax Refund Status

Any people can check their income tax refund status online with some simple and very easy steps. income tax refunds status is a very easy service by income tax department of India for knowing the refund status online. A online refund status portal give the information of income tax refund status with few clicks.

Check / verify the income tax refund status by pan number and assessment Year

PAN Number (permanent account number) :  PAN Number is a 10 alphanumeric unique identification number issue by Income tax department to tax payers and other.

Assessment Year : assessment year is the time of the tax pay by the tax payer. Assessment year is the year immediately following the financial year wherein the income of the F.Y. is assessed. assessment year on this site to access the current position of the tax refund.

Taxpayer can track status of income tax website by checking on “status of tax refund” refund status can be tracked by entering the PAN and ASSESSMENT year for which refund is to be tracked.

MODE OF REFUND: There are two  modes of refund i.e ECS and paper.If the taxpayer has selected mode of refund as ECS(direct credit in bank account of tax payer)at the time of submission of income return and provided the correct account number along with MICR code,the refund will be effected through ECS by CMP SBI. A physical advice of refund credit will also be sent to the taxpayer by post.

FEW FACTS TO KNOW CHECKING TAX REFUND STATUS ONLINE

1. The income tax department has nominated the State Bank of India as the refund manger agency for all such transactions.SBI forward all refund cheques or online transfer.

2.  RTGS\ECS transfers are possible only if the 10 digit account number hs been correctly provided by assessee along with IFSC code of bank

3. The online status is updated for viewingonly after aperiod of 10 days after assessing        officer having made the refund either online or by dispatching the cheque.

4. The refund status  will be available only if the tax return has been filed correctly by income tax free filing  and on time and has been received by department.This is possible only if the assessee has received an acknowledgement form from the department of having received the ITR .

5. filing income tax refund  online helps in getting faster income tax refund.The processing time is considerably less in case of online system as you can now check staus of income tax refund online. The income tax department offers an online fcility for tracking your income tax refund and its status.Taxpayers can view status of refund 10 days after their refund has been sent.Enter your PAN number and ASSESSMENT year for which you want to check income tax refund.

What is my total income?

Your total income is not just your salary. You might be earning income from multiple sources. Following are the five heads of income under the Income Tax Act.

• Income from Salary
• Income from House property (Renting out house)
• Capital gains (Sale of shares,mutual funds, gold, real estate etc)
• Income from Business/Profession
• Income from other sources (Includes interest from savings accounts, fixed deposit etc)

Note: Your total income is the sum of income under the aforementioned heads.

Do I get taxed on my total income?

Fortunately, no. A portion of your salary can be exempt from tax. A part of house rent allowance (component of salary) is exempt under Section 10(13A) if you are staying in a rented accommodation. There are other such exemptions for conveyance, medical allowance, leave travel allowance etc.

Additionally, there are deductions allowed under Section 80C to Section 80U from your total income. Commonly known deductions are:

1. Tax saving investments (PPF, EPF, ELSS, NSC, life insurance premium, home loan principal repayment etc) under Section 80C
2. Health Insurance Premium under Section 80D
3. Interest of education loans (Section 80E)
4. Interest payment of a housing loan (Section 24)
5. You taxable income reduces to the extent of these deductions availed.

Note: Total Income – Deductions = Taxable Income

I know my taxable income. How do I calculate my tax liability?

Once you have your taxable income, you can calculate your tax liability as per following table.

These tax slabs are for FY2015-2016 (for the financial year ending March 31, 2015).
Note: There are certain kinds of income that may be taxed at a different rate irrespective of you income tax slab. For instance, short-term capital gains on sale of equity mutual funds gets taxed at 15% while long-term capital gains on such sale are exempt. The only exception is when your taxable income does not exceed minimum tax exemption limit.

Illustration

Rajiv is 30 years old and has a total income of Rs 15 lakh. He is eligible for tax deductions worth Rs 3 lakh. We take a look at his tax liability. His taxable income is Rs 12 lakh (Rs 15 lakh minus Rs 3 lakh ).

So, the income tax liability is Rs 1.85 lakh.

Is there more to it?

If your taxable income exceeds Rs 1 crore, you will have to pay a surcharge of 12%, which shall be charged on the tax amount.Apart from this, education cess (including higher education cess) is levied at the rate of 3% on income tax and surcharge.In Ramesh’s case, there is no surcharge applicable since the total taxable income is less than Rs 1 crore. However, cess of Rs 5,550 (3% of Rs 1.85 lakh) will be levied. Hence, total liability increases to Rs 1,90,550.

How do I pay this income tax?

Typically, your employer will deduct TDS (tax deducted at source) from your salary before crediting to your bank account. The employer deposits this with the government. Hence, your employer estimates your tax liability (based on investment declarations made) and deducts TDS from your salary every month.

At the end of financial year, if the actual tax liability is greater than the TDS deducted, you must pay additional tax while filing income tax return. Alternatively, if excess TDS has been deduction, you can ask for refund while filing income tax return.

Hope the tax calculation is not a black box anymore.

For more visit : http://www.bigdecisions.com/