PPT-SERVICE TAX

LIABILITY UNDER REVERSE CHARGE MECHANISM CA KR RAMANKUTTY FCA KOCHI SERVICE TAX IN INDIA IT IS A TAX ON RENDERING OF SERVICE INTRODUCED IN 1994 BY CENTRAL GOVERNMENT EXTENDED TO 119 CATEGORIES OF SERVICES BY 2012 JUNE 30th. Getting a tax refund is what every U.S. citizen hopes for when they complete their filing, waiting for it to come through can be a nail biting time, though. The IRS state that refunds should be received within 21 days if you’ve used the e-file service or direct deposit but will take a little longer if you’ve filed through the mail or have asked for a cheque to be sent to you. A bookkeeper worth his money will have the utmost respect for client information and confidentiality, and will have the ability, knowledge and experience to help support a small business with their day-to-day administrative duties, while remaining compliant with tax laws. Whether you’re new to the world of taxes as a business owner or individual, an accountant is generally considered to be the best person to help you with your financial information, and they can be thought of as professional tax collectors. Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that. All businesses - no matter what their size - need to keep good records of all their financial transactions, and those who have no experience with bookkeeping or accounting, usually hire a bookkeeper to manage their books for them. This simply makes good business sense. So, listed below are some tips to help you find the right bookkeeper for you and your business: Here are some more tips and pointers to think about before you hire a bookkeeper, or any other tax professional to help you with your business: With the beginning of a new year, comes the perfect opportunity to begin to think strategically about your taxes, if you haven’t already. Here are a few points you might want to take into consideration when planning your taxes: One of the simplest ways of preparing for your taxes is to utilise the services of a tax professional, and recent statistics put around 60% of US tax paying citizens reportedly using paid preparers to submit their tax returns. While it is perfectly acceptable to go it alone - especially if you have a good head for such things – using a paid professional is the best way of eliminating errors and being sure to submit all the relevant information at the right time. Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So, here is the first part of a brief guide that attempts to answer some of the most common tax queries: Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud. Few see doctors as business people, and few doctors will admit to being businessmen, but the reality is that those who do operate their own practices, must find a balance between caring for their patients and running a service-based business. Even some of those doctors employed by hospitals or other medical facilities will be required to make important financial decisions. Did you know that dental practitioners are among the most overtaxed people in America, with research showing that around 95% are overpaying their taxes by 10 to 50%? They also rank highly among those who voluntarily pay more tax than they are required by law to pay, and this is usually because their tax professional is simply not doing their job properly. Expenses are a major part of most small business owners tax filing preparations each year, and you can never be organized enough when it comes to keeping track of them. If you spend hours searching through drawers, boxes, and cupboards for receipts, then you can be confident that your ‘system’ requires updating. Fortunately, updating an ineffective expense tracking system is not difficult, it’s more about developing good habits and sticking to them throughout the year. With April 15th very definitely behind us, most US citizens who didn’t file for an extension, have filed their taxes successfully, either alone or with the help of a tax professional. Many folks will be disappointed to discover that they owe taxes, while others will be pleasantly surprised with a refund.