Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT Audit :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

The real cost of filing tax returns for free
July, 11th 2016

If we have the choice of paying for a service or getting it for free, most of us will choose the second option. After all, why shell out money for something that can be done at no cost? This is why a majority of taxpayers opt for filing their tax returns for free. However, taxpayers who opt for the free option may be paying a heavy price. Our data shows that 68% of such taxpayers pay more tax than their peers. They could save thousands of rupees if they took help from a tax expert and optimised their tax planning.

The Income Tax Department offers free filing for the simple reason that the government wants to encourage more and more people to file their returns. One can simply log on to the official portal and file his return for free. The only glitch is that the portal will not guide you on how to optimise your tax. If you miss a certain deduction or exemption, the portal will not point out the error nor suggest a solution. Tax collections have missed the target and the government wants to increase its revenues. It will happily keep the extra tax paid by taxpayers who are not conversant with the rules. Most salaried taxpayers and small businessman end up paying more tax than due.

Many private portals also offer free filing facilities as well as investment advisory services. These portals hope that the commission on tax-saving investments by these free customers will help them make money some day. This can lead to a serious conflict of interest. High-commission products are palmed off to taxpayers, forcing them to make multi-year commitments. Investment advice should be in the interest of the individual, not the intermediary.

A few years ago, an NRI client was pleasantly surprised to know that his tenant was depositing 10% of the rent as TDS on his behalf. The NRI was not claiming credit for the tax paid on his behalf because he had never checked his Form 26AS. One taxpayer who had changed jobs during the year had claimed tax benefits from both employers. Another client was not aware that the Rs 10,000 exemption for interest under Section 80 TTA is only for savings bank interest and not fixed deposits.

A tax expert will analyse your income tax return and see if all the relevant exemptions and deductions have been availed of. He will also remove mistakes in the tax form, which means your income tax return will be error free. Many taxpayers miss out benefits because they are not aware of the rules.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions