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Key Income Tax Provisions That Every Taxpayers Should Understand

Date February 14, 2016 Author By Category Tax Information

Taxes are unavoidable in the society that we are living today but there are several ways in which you can reduce or minimize their impact. If you want to manage your taxes well then you should have a proper tax plan. Failure to plan means that you will not get anywhere. When you don’t know to calculate your taxes what are you supposed to do? It is advisable for you to hire a tax professional who can assist you meet your tax returns target. Today paying taxes has been made easy because you can hire a tax professional to assist you. Below are some of the key income tax provisions that you as a tax payer need to understand in order to avoid confusion:

1. Any money that is donated in cash to registered charitable organizations or trusts is fully allowed despite the fact that this money is not more than Rs. 10,000

2. Any donation that is made to an electoral trust or to a political party is eligible for deductions of 100% or u/s 80GGC.

3. Any expenditure that has been incurred on preventive health check-ups of individual/parents/spouses or dependent parents should be deducted u/s 80D to around Rs. 5,000 and this can apply even when cash has been paid.

4.Under Chapter VI A there is a maximum deduction and this deduction has been extended from the year 2015-16 to Rs. 1,00,000 to around Rs. 1,50,000. They include investments, NSC, PPF, LIP, PPF, New Pension Schemes and much more.need more information? checkout more articles at http://www.mycentraloregon.com/2016/02/14/hiring-unlicensed-tax-preparer-can-be-risky/

5. Deductions that are available in respect of paid interest are u/s 24 and they are paid on house properties that are self occupied. They have also been extended to Rs. 2, 00,000 from Rs. 150,000.

6. In case you are planning to club your minor child’s income u/s 64 1A using …

An Outline for Tax Returns in Australia

Date February 14, 2016 Author By Category Tax Information

In Australia, the due for tax returns is usually scheduled to be on every 31st of October and the financial year usually runs from 1st July to 30th June. In US the due for tax returns is different and its fiscal year is usually from 1st October to 30th September. There are due date extensions in Australia so that people are able to pay their taxes without necessarily being punished for paying late.

The due date extensions are usually intended for those who pay their taxes through tax agents and these taxes are paid through electronic or post method using the ATO e-Tax software. The Australian Tax office plays a veryvital role for the Australian Government because it assists the government in collecting revenue and in fact it is the principal tax collection body In Australia.

Sometimes it can be difficult to understand the tax system in Australia because it is quite complicated. It is difficult in Australia for most people to prepare their own tax returns hence the need to look for tax agents who have experience and expertise in preparing them. It is around 80 % of people in Australia who hire these services and that is the reason why there are due tax extensions. It is a requirement for any business in Australia whether small or big to settle its taxes to the Government because failure to do so attracts a penalty of a certain percentage depending on your tax.

Taxes can be local, federal or even of state level. The role of these taxes is to cover certain things in the public service delivery including hospital system and road maintenance. Australia has a very strong tax law with stringent requirements governing tax returns and tax refund. The way returns are submitted differ from one country or continent to the other and in Australia they are submitted …