Archive for the ‘Tax & Compliance’ Category

Tips to hire a good tax consultant

Wednesday, March 20th, 2013

tax consultantIf you are looking for a tax consultant, then there are few things you should keep in your mind. There are many tax consultants whom you may come across but then there are few things you should definitely keep in your mind to hire a good consultant.

Before you narrow down on a particular tax consultant, you should get proper reviews about him. You can ask him for the contacts of his previous clients to find out how competent he is to help you. You should also see how much experienced he is, this is because an experienced tax consultant can really help you and get you out from any problem.

But then the fees of the tax consultant also matters. If on the first day you get a hint that he is going to delay your case for long and his fees is also higher than any other tax consultant, then it is better you should go for some other consultant whose consultation fees is a little lower so that you afford it.

What kind of tax benefit can a senior citizen get

Sunday, September 16th, 2012

Tax Benefits for Senior Citizens, tax tipsThe tax benefits that seniors get are actually in a form of a basic exemption that is higher than the regular standards. The limit of basic exemption is the income limit until the time when there will not be any liability of tax. The limit stands at an amount of Rs 2.5 lakhs for the senior citizens and ten percent tax is to be paid for income up to five lakhs.

Earlier, sixty five was the age where a person would fall under the classification of senior citizen but now that age has been reduced to sixty. This is beneficial for the citizens as they could be able to get the benefits of the basic exemption from an early age. Senior citizens may also be benefited from the medical insurance premiums. Therefore, this is one of the major tax benefits that can be availed by the senior citizens.

Why apply for a PAN card

Sunday, July 29th, 2012

Apply for PAN card, financial tipsThe PAN card or the Permanent Account Number is an alphanumeric number of ten digits. The card is issued by the IT Department of India and it comes as a laminated card. People who make filings of the returns of income tax must have a PAN card as a rule by the government. Since the year 2005, it has been a rule that quotation is made of the PAN on the income returns and the every correspondence with all the authorities of income tax in India.

If there are documents that pertain to any financial transaction, the PAN has to be quoted as a rule. If there is a purchase or sale of properties that are immovable properties or vehicles and any payments made in cash that exceed a certain limit there has to be this document. If a person has to obtain a connection for cellular phones or telephones the PAN has to be mentioned also.