Due Date of Filing Income Tax Return

* Due date is the date prescribed by the department as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return is 31st July 2008 unless extended further by a seperate notification. * The income tax department may any time extend the due date for filing Return of Income by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return. * Even if the person can not file return of income by due date, he can still file return upto 31st March of the next financial year. In such a case no penalty will be imposed for not filing the return by due date.

Tax Planning for Tax Payers. Mutual Fund Tax Saving Schemes Key to Success

Tax planning has changed radically over a period of time. Since its time for filling income tax returns for 2007-2008 as the end date (31st marchâ 08) is approaching. As a tax payer you need to understand the best way through which you can make use of the exemptions provided by the government. Earlier people had limited choice of tax saving instruments to be used for the purpose of tax planning. But now with the ELSS (Equity Linked Saving Schemes) launched by most of the mutual fund companies, the whole approach towards tax saving has changed. With mutual funds tax planning had become more important part of over all investment planning. With equity linked saving schemes the tax exemptions can be used in a manner such that you not just disciple your investments but also create good corpus through equity investment.

You and an Irs Tax Debt: Donâ t be Afraid

What happened? Youâ ve filed your taxes and youâ re in trouble. Maybe you filed yourself or you went to one of those companies that file your taxes for your. After finishing everything you find out you owe money! You recheck your math and deductions once, twice, three times andâ you really are in debt to the IRS! Itâ s understandable that youâ re mad as hell or you want to start crying, but the IRS-Hitman has some advice. Donâ t panicâ donâ t ignore the debt, and do file the return. You can try to put off the debt by requesting an extension; October 15th is the latest you can put it off. This could give you a chance to come up with the money that you owe by then.

 

Irs Tax Debt and Missing Tax Returns: Double Trouble

Double your pleasureâ Owing the IRS money is a hard thing to deal with. There canâ t be anything much worseâ right? Well you could owe the IRS money and have un-filed tax returns. How can it be worse you ask? Arenâ t the un-filed returns included in the debt? You have to be compliant. When youâ re in debt to the IRS you do have some options to deal with that debt. Whether you want to setup a monthly payment plan, or try to settle your debt with an Offer in Compromise. Un-filed tax years put a big red stop sign in front of any negotiation efforts. Why? Youâ re not in compliance with the IRS. Compliance means you have to be up to date with all of your filings.

2008 Attack On Tax Havens

Leading by more than ten points in the opinion polls, the British Tory Party is producing policy reviews that could be adopted for their manifesto - and should they win ultimately become part of a new administration's legislative programme. One such review looks at taxation, and proposals include cutting bureaucracy and saving British business some 14 billion Sterling a year, while the review considers changes in the tax structure. Part of this review, co-chaired by former Cabinet Minister and Welsh Minister John Redwood, proposes abolishing inheritance tax. Inheritance tax is increasingly an issue for Britain's middle classes as property rises have risen significantly in recent years, and with the current threshold of 300, 000 Sterling more and more people are having to pay inheritance tax, with popular newspapers such as the Daily Mail regularly running stories about how ordinary people are being caught up with the tax, especially in southern England where even a three bedroom semi detached house is often over 300, 000.

Tax Return Online Saves Time and Energy

Returning tax on time is everyoneâ s moral duty. Even today people are earning heavy amounts; they hesitate to pay their income return. Every year names of many prominent people are flashed on the television and newspaper who do not return their income on time. Even a well educated people show their back when time comes to return their tax. There are many people who play tricks when the date approaches. People very cleverly hide their income. There are a section of people who is ready to pay their income return but the entire procedure of filling forms and to go to the tax return office upsets them. With the advent of tax return online, people can very easily pay their tax.

Tax Return Outsourcing: Reduce your Burden of Taxation

Everyone wants to file his or her tax on time; therefore, he or she keeps on preparing his or her income statements throughout the financial year. In fact, timely payment of tax is a task that everyone wants to complete before due date, as proper tax filing gives a person great relief from unnecessary financial penalties that emerge due to the delay in tax filing process. Be it an individual or any business organization, every entity that earns capital is liable to pay tax; therefore, in real sense, paying tax before due date is our communal obligation. However, this obligation is not made to pester people but tax filing causes various problems for people, who do not have enough time to evaluate their income and payable tax amount.

 

Business Tax Deduction Tips

Tax tips and tax help to assist taxpayers by describing options for tax reduction and tax cuts through lawful tax deductions. Tax deductions contribute to national prosperity by providing capital to business. Tax deductions reduce taxable income. A $100, 000 tax deduction reduces federal income tax by $35, 000 ($100, 000 X 35%) assuming a 35% income rate. Options for increasing business tax deductions include revising depreciation schedules, reviewing fixed asset listings, casualty losses, bad debts, and charitable contributions. Real estate depreciation offers substantial opportunity for increasing tax deductions. Most depreciation schedules are established by simply separating land and long-life improvements.

When Tax Refund is Coming?

Tax season is finally over for most people and that means one of two things. Either you paid money in or you are due a nice refund. If you fall in the refund group, the question is when will that nice check appear in the mail? A quick word about tax refunds. While getting one may seem the greatest of things, it actually should cause you to take some time and analyze how you are paying taxes. Simply put, a tax refund means you are doing something wrong, particularly if it is large. To find out the status of your tax refund, the easiest method is to visit the IRS site. Just do a search for it. Once there, you want to click on the link that says whereâ s my refund?

Assessing Octroi

Octroi Phenomenon: Octroi taxes enjoy a respectable antiquity. The Romans called them â vectigaliaâ, a tax which was levied primarily on wine and certain articles of food. About Octroi: The dictionary definition of Octroi terms it to be â a local tax collected on various articles brought into a district for consumption.â A sketch: Octroi has been in force in Maharashtra for many years and all municipalities levy it on entry of goods. It is a major source of revenue for municipalities. The Municipal Corporation of Greater Mumbai (MCGM) alone collected Rs 2, 504 crore as octroi in 2004-05, up from Rs 2, 240 in 2003- 04. Octroi has clearly contributed to the tune of 33 per cent of MCGM's annual budget and it has been enjoying a 4, 500-strong assessment and collection department.