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The little effort that goes into choosing the right tax advisor can go a long way in ensuring a hassle-free
ITR filing process for individuals and entities. For the lakhs of non-resident Indians (NRIs) in the UAE, filing of income tax returns is an important task for which they need to choose a reliable tax consultant. By availing professional services by a tax consultant dubai firms offer, NRIs can get a host of benefits.
Also, the online facility for ITR filing, under the Electronic Furnishing of Return of Income Scheme, has brought convenience to the taxpayers.
Importance of ITR filing Process
Filing of ITR helps taxpayers in declaring the total income earned during the year, the amount of deductions claimed and tax paid. The Income Tax Department in India makes it mandatory for filing income tax returns for individuals whose gross total income exceeds the basic exemption limit of Rs 2.5 lakh. However, for senior citizens the limit is higher, that is Rs 3 lakh for those aged above 60 years and Rs 5 lakh for those aged above 80 years. In fact, those having their income below the basic exemption limit should also file their returns to avail certain benefits. Moreover, all NRIs, with exception of those covered under section 115AC having taxable income, must file ITR.
Role of tax consultants
As subject matter experts, tax consultant dubai and across UAE work towards helping NRIs go through the entire process of ITR filing by offering knowledge and support at each stage. Let us understand how tax consultants help in making the ITR filing process a smooth and hassle-free matter.
Knowledge: The best tax consultants come with superior knowledge about everything related to taxation. This proves to be beneficial especially for the first-time taxpayers. The consultants who are well-versed with taxation laws & rules will be able to educate taxpayers about various income tax slab rates and the right form to choose. They will also be able to explain about the nature of income and category a taxpayer falls under. The level of expertise tax consultants come with also help taxpayers in saving their valuable time and money.
Accuracy: Tax consultants take the extra effort to ensure that every tax return filed is cross-checked for accuracy. They also make sure whether complete details have been provided by the taxpayer. The information undergoes thorough verification through the help of digital system as well as manual reviews. This is way the accuracy of data is maintained.
Experience: An experienced tax consultant, who has remained in the industry for a long period, is capable of equipping taxpayers with the nitty-gritties pertaining to filing of income tax returns – especially about avoiding the common mistakes made such as choosing the incorrect form or not declaring additional income sources. Since not reporting all income sources is a violation of the income tax act, tax consultants play a crucial role in helping taxpayers avoid such serious mistakes.
Through the support of tax consultants dubai firms may also offer various services besides income tax return filing including income tax audit, consultation, capital gains advisory, etc.
Alankit – A notable tax consultancy firm in Dubai
Alankit Group, through its subsidiary, offers important tax related services to NRIs in the UAE. A seasoned player in the UAE market with over 13 years of experience, the company provides exceptional income tax advisory services and handles all aspects of e – filing of income tax returns with utmost proficiency and professionalism. A registered e-return intermediary, Alankit has robust infrastructure and qualified professionals, thus ensuring easy claim of tax refund, faster processing, accuracy of data entry and confidentiality of customers’ data.
Alankit takes taxpayers through an easy step-by-step process for the online filing of income tax returns and renders the best professional advisory services.