Important Things to know about Tax Deducted at Source

June 25, 2016  //  Posted by: Suzan  //  Category: Tax

Important Things to know about Tax Deducted at SourceWe always want that some of the other way which can help us in getting down with our tax but in reality that it not considered being the fact right? I know there are many different ways which can help you in getting the information of getting and lowering down your tax so that you can enjoy up the fruit of your money which you have earned for. Well, here comes the importance of tax deducted at source. In simple words we can say that tax deducted at source means that requirement which the salaried person have to pay to the government and which the individual can go for asking it back. Not only is that but the government considered to be liable of paying it back too to the person.

Well, there are many things which can help you in the matters of knowing about tax deducted at source which you must need to understand because it is going to be helpful to you only when you will be in the condition of getting back your money which you paid to the government. Well there are certain important things which you need to take in to account about tax deducted at source like it is being liable to be paid by such individual who are salaried, it is deductible at various rates which are being specified by the government, etc. and many more of the things which is considered to be known by the individual about tax deducted at source which is beneficial to the individual only.

Important things to know about tax deducted at source

  • Well as stated above that there are many things which you need to know about tax deducted at source because it is going to be ultimately beneficial to your which is considered to be in the favour of the individual.
  • We must take that in to consideration that it is going to be deducted from those individual who are earning some of the part and it is considered to be mandate to pay it to the government which they will pay back after sometime to the person who have been paid this amount of they rates which are being decided by the government.
  • Well, tax deducted at source invites to such of the income which are being earned by any of the salaried person which is considered to be mandate thing to be paid to the government. Not only has that but followed up to the specific criteria which are being decided by the government.
  • The deductor is needed to go for filling up the form which is considered to be informative for the government which can help them in getting the information of the money deductor who is paying up the money in accordance to the rates which are being specified by the government. Not only that but there are specified dates which are being decided by the government and only on those days you can go for paying of your tax deducted at source.

Are you looking for a credible tax consultant?

September 22, 2013  //  Posted by: Financial advisor  //  Category: Tax

credible tax consultantAre you looking for credible tax consultant? Tax consultants would be your able guide in more than merely filling out your Income Tax forms. In fact, a good tax consultant will research & explain the complex tax issues to you, make sure that your venture is in complete compliance with pertinent tax obligations & assists in minimizing your tax liability. Hiring a good tax consultant is a complex affair and involves several factors to look for prior to making the final selection. The post here is all about how to select a reliable tax consultant.

First of all, it’s good if you can collect referrals from your relatives and friends who are in contact with tax consultants. If you have no such help available, you have to search yourself online. Make a list of 4-5 consultants and proceed for a comparative study on them. You have to check out on their credentials, market reputation as well as client support.

In regards to credentials, your chosen tax consultant should be backed by a degree in Accountancy or Accounting. Then, he/she should hold State certification as Accountant and as ATP (Accredited Tax Preparer) or ATA (Accredited Tax Advisor). Then, you have to check out his records at BBB. The BBB check will offer a fair idea on the consultant’s reputation in the market and among its clientele. A trustworthy tax consultant should always be backed by a lengthy list of satisfied clientele.

Make sure your chosen consultant is candid to you about the tax regulations which are otherwise perplex for a layman. It’s also important that the tax consultant maintains the “Code of Ethics” stated by NATC (National Association of Tax Consultants) which requires full compliance to all federal and state regulations pertinent to tax preparation. The consultant must be a dynamic personnel who keeps himself/herself abreast about all latest amendments regarding the tax regulations.

What is Tax deducted at source?

July 10, 2012  //  Posted by: Financial advisor  //  Category: Tax

Tax deducted at source, taxTax deducted at source or more commonly known as TDS is one of the many modes of collecting incomes taxes from people living in India and the assesses of India. It is absolutely and entirely legal under the government act of India Income Tax Act, 1961, by the central board of taxes. It is also connected to the department of revenue which is managed by Indian Revenue Service, Ministry of finance, Govt of India.

To put in simple words, a certain pre fixed amount of the income is deducted by the employer at source, before paying the employee his/ her salary. Next, as a part of his own taxation regime the employer pays the taxes. A deductor is a person or company who is liable to deduct tax at source from the payment that is being made to the party. In plain regular terms a deductor is the Employer. On the other hand deductee is the person from whom the tax amount is being deducted. It is a good practise for a successful financial exchange.

An account on tax lien investing

April 25, 2012  //  Posted by: Financial advisor  //  Category: Investing tips, Tax

Tax lien investing is a great way of earning profits with minimum hardship. It’s a good way to plan your finances. By investing in tax lien you need not worry about the fluctuating market, whatever the market condition be your earnings will never fluctuate towards the negative side. Tax lien investing requires some time and effort and if you are not able to give it a considerable time, then don’t worry you can hire yourself a tax lien agent who will perform all functions such as bid at tax sale, maintain portfolio etc.

For all this you need to pay a minute share from your profit as management fees to tax lien agent. Note how much you pay to the tax lien agent depends on how much you invest in account of tax lien. The minimum tax lien investing for most agents ranges from $20000 to $30000 onwards. People who want to invest in tax lien after retirement can do so only if you are provided with self-directed IRA or solo 410(k).

An account on avoiding stamp duty

April 21, 2012  //  Posted by: Financial advisor  //  Category: Tax

Stamp duty is a form of property tax that a home buyer has to pay against the property. It can get so high at times that the buyer might find it difficult to cope with the budget. To avoid stamp duty you can take some help from legal consultants. Stamp duty mitigation deals in a legal way to reduce the value of the property using various financing techniques.

If you buy a property in an area marked by the government as disadvantaged and in need of development, the lower limit of stamp duty is raised. You will be able to save some percentage of the tax you would have had to pay. With low property value, stamp duty rate is also lowered. First time buyers also get a higher limit for stamp duty imposition. Homes using renewable energy and are certified carbon free get a rebate on stamp duty and are exempted if the value is under a certified level. This is becoming a popular way to avoid stamp duty.