Personal Property Tax Return Form

I agree, it's a bit strange how this one works.I've paid personal property taxes on an aircraft (through my former employer).  In Los Angeles, essentially you fill out the Business Property Statement (Form 571-L) declaring the value of your business personal property (i.e. equipment, building, computers, vehicles, aircraft, etc.) and send submit it without paying a tax.  There are no rates which appear on this return.The county assessors perform the needed computations based upon a grouping of like fixed assets owned and based upon your declaration, then send you a bill.  I no longer have access to the invoices and related rates I used to pay on the aircraft, so the best I can do is suggest that you simply call or e-mail them.

Greeting Friends !!!If you are going to file it yourself, then following is the procedure:-Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to http://incometaxindiaefiling.gov...Follow these steps:Step 1: Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.Step 2: View your tax credit statement — Form 26AS — for the financial year 2015–16 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.Step 3: Under the 'Download' menu, click on Income Tax Return Forms and choose AY 2016–17 (for financial year 2015–16 ). Download the Income Tax Return (ITR) form applicable to you.Which Income Tax Return Form Require to file or applicable F.Y. 2015–16 by Hetal M Kukadiya on Tax Knowledge Bank - IndiaStep 4: Open the downloaded Return Preparation Software (excel or Java utility) and complete the form by entering all the details , using your all documentsStep 5: Ascertain the tax payable by clicking the 'Calculate Tax' tab. Pay tax (if applicable) and enter the challan details in the tax return.Step 6: Confirm all the information in the worksheet by clicking the 'Validate' tab.Step 7: Proceed to generate an XML file and save it on your computer.Step 8: Go to 'Upload Return' on the portal's left panel and upload the saved XML file after selecting 'AY 2016-2017 ' and the relevant form. You will be asked whether you wish to digitally sign the file. If you have obtained a DS (digital signature), select Yes. Or, choose 'No'.Step 9: Once the website flashes the message about successful e-filing on your screen, you can consider the process to be complete. The acknowledgment form — ITR—Verification (ITR-V ) will be generated and you can download it.Step 10: you can Verify online with EVC Pin or Take a printout of the form ITR-V , sign it preferably in blue ink, and send it only by ordinary or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic City Post Office, Bangalore - 560 100, Karnataka, within 120 days of filing your return online.Its Advisable to go with CA help for filling Tax return. There are lots of amendment come in every year, to file accurate return and Tax planning benefit etc so Prefer to go with expert like CA, Tax Preparer etc…Be Peaceful !!!

It may make sense, but I want you to understand exactly how the tax aspects of real estate work.But first, here are some questions you should ask yourself before committing to buy:Is your job situation reasonably stable? In other words, is your healthy income likely to continue?Do you believe you’ll be in the area for an extended time—at least four years?Is your present level of debt manageable?Will buying a home exhaust all your cash, or will you have some left over for emergencies after you’ve completed your purchase?Assuming that you answered yes to all those, you next step should be to determine what your price range is. There are two aspects to this: 1) How much the lender will allow you to borrow; and 2) How much of a payment are you willing to make? When figuring your monthly payment, add up the principal and interest payment, the property taxes (use 1.25% of the purchase price, divided by 12) and your 1/12 of your annual homeowner’s insurance premium. If the area where you might buy has a homeowner’s association, account for the monthly dues. If your down payment is less than 20%, figure mortgage insurance as well. More about that in a bit.The lender calculates a number called “debt to income ratio,” or DTI. They arrive at this number by adding up the total house payment (including taxes, insurance and mortgage insurance, if any) and all other debt payment that has 10 months or more remaining. This is “total debt.” Dividing that number you your gross monthly income gives your DTI. For a conventional loan—one that ultimately sells to Fannie Mae or Freddie Mac, the maximum DTI will be 50% as of July 29 of this year (it’s currently 45%). For loans that do NOT sell to Fannie or Freddie, the maximum DTI is typically 43%.In your case, where your gross income is $210,000 per year (and we can count your bonus as income only if you have a track record of receiving it for at least two years), your income is $17,500 per month. For calculation purposes, I’ll assume that your other debt payments (car loan, credit card minimums, student loans, etc.) amount to $1,000. In that case, you would technically qualify for a purchase of $1,280,000 with a down payment of 20%. Your monthly payment would be $6,525.Be aware that when your loan amount is above the conforming high-balance amount ($636,150 in the Bay Area), you’ll have to be able to show 6–9 months’ cash reserves after closing—about $37,000-$55,000 in this case.If your home ownership goals are not quite so lofty, or if cash reserves are an impediment, you’d want to keep your loan to the conforming maximum. With a 20% down payment, your price would be $795,000, with a monthly payment of $4,079. You may simply decide that you have a maximum house payment that you’re comfortable making. That would drive your pricing decision.If you consider buying with less than a 10% down payment, you’d be limited to a loan amount of $1 million. That would give you a purchase price of $1.1 million and a monthly payment of about $6,300. When you put less than 20% down, the lender will require some form of mortgage insurance. This limits their risk on a loan that they consider to have higher risk than one where there is a larger down payment. For a 90% loan, expect mortgage insurance to cost about .5%-.7% of the loan amount, depending on your FICO score and the loan amount. The example that I’ve just given uses “lender-paid mortgage insurance,” where you simply pay a higher rate in exchange for a smaller down payment.On to the tax aspects. You are allowed to deduct the mortgage interest on a mortgage of up to $1 million. You’ll list this on Schedule A of your tax return, along with property tax and any other deductions your tax person can come up with, such as state tax and charitable donations. If your loan is $1 million at 4.625%, you’ll pay about $46,000 in the first 12 months that you have the loan. In addition, if you bought the property for $1,150,000, you’ll have about $14,000 in property taxes to deduct as well (assuming you are accounting for a full year when you file).Buying real estate “because I need the tax write-off” is the wrong approach. I say this because the mortgage interest and property tax, while they are indeed deductible, are an actual out-of-pocket expense. If you deduct a total of $60,000 in mortgage interest and property tax, you will reduce the amount of money you have to pay state and federal income tax on. Compare this with taking the Standard Deduction of $12,600 (married filing jointly). Itemizing your deductions means that your taxable income will wind up being at least $47,600 less than if you took just the Standard Deduction. (I am disregarding state taxes and other write-offs for the purpose of this example). You’ll pay tax on $47,600 less by writing off these two items.[Important disclaimer: I am not a licensed tax professional, just a humble loan officer and real estate broker. Please don’t construe anything I write here as tax advice. These are illustrations only. You should consult a duly credentialed professional for tax advice]With gross income of $210,000, I’d estimate that your marginal tax bracket is 28%. This means that you’ll pay 28% on income over the base amount of $153,100. If you’re able to increase your total deductions by $47,000, you’ll not only wind up in a lower marginal tax bracket (25%), but you’ll also be paying tax on a lower amount.For a back-of-the-envelope scribble, I’d say your tax savings in this scenario will be around $13,000 a year. (Did I mention you should consult an actual tax person to get real, decision-driving numbers? Good…just checking) Think of this as a sort of tax subsidy to encourage and support home ownership. In other words, if your monthly payment is $6,300, the reduction in federal income taxes (I’m disregarding state taxes for simplicity) would be around $1,083 per month, for an effective monthly payment of $5,217.The best way to get the benefit of the deductions you’ll be able to claim is to increase the number of exemptions you claim on form W4, which you file with payroll. Since each exemption (dependent) is worth $4,050, you’d want to increase the number you claim by 11 (47,000 / 4,050 = 11.6). Doing this won’t change the amount of tax you owe; it will change the amount withheld from your check each pay period. Waiting to file your taxes and getting a fat refund at the end of the year is literally making an interest-free loan to the IRS, then filling out their paperwork to get your money back. Not the best strategy.The housing market is very competitive, especially in the Bay Area. We’re seeing prices increase by about 4%-5% each year, so the cost of waiting is high. If you think your situation is conducive to home ownership, you’d be well-advised to become a homeowner sooner, rather than later—the home you can buy for $800,000 today is likely to cost $840,000 a year from today.I hope this is helpful.

As per the law, Form 67 is required for claiming Foreign Tax Credits by an assessee and it should be done along with the return of income.It is possible to file Form 67 before filing the return.The question is whether the Form can be filed after filing the return of income. While the requirement is procedural, a return may be termed as incomplete if the form is not filed along with the returns and an officer can deny foreign tax credits.However, for all intents and purposes if you file Form 67 before the completion of assessment or even with an application u/s 154 once the assessment is completed, it cannot be denied if the facts have been already disclosed in the return and teh form in itself is only completing a process.However, to avoid adventures with the department and unwanted litigation, it is always prudent to file the form with the return of income so that it is not missed out or forgotten.

It is most profitable business in current situation. Normal people will think Cyber cafe has only PC, Internet and print out. If you provide following services then you can earn more than 1.5 lakhs only in direct profit.(personal experience from Chennai).Fund transfer and micro atms. People need immediate transfer and if your cafe is open from 9 am to 10 pm you can cross 800 to 1500rs per day. Bank Holidays higher profits.Train ticket agent. Avoid personal login booking. Non bailable offense.Seat seller Agent(red bus).Flight ticket, Tour planner and hotel booking.Visa Services and passport.Pan card and DSC.IT returns and GST filings. Tie up with local Tax people or learn yourself. IT return filing for Salaried people is much easier.EB payment, postpaid, rechargesCredit card payment.Movie ticketsCollege and school fees paymentsExam fees(state and Central)Online form filling for exams from Neet to UPSC.Certificates from caste, Employment, Life, birth and death.Corrections in Aadhar, PAN any online documents.Life insurance renewals and royalty if you are LIC agent.bike and car insurance, road tax etcCurrency exchangeXerox , Plastic card , Color print out & Lamination For cropping, resizing additional cost.PF update and withdrawal.International and local Courier if you have space.Ola collections, Paytm KYC etcTTD, Sabarimala, Shirdi darshans.Typing in local languages & EnglishLand EC checking, Online tax paying like water, property etcIn some states there are different online schemes to get enrolled, renewals and withdrawals.CIBIL Score certificateCredit card swiping(2 to 3% commission)Moreover with digital India, people are looking for local knowledge nearby.All payments are becoming digital and cyber cafes with good reputation will give you best returns. Make sure your cafe never closes on any day even for lunch break. Trust, reliability, friendliness will yield positive feedback from customers.No matter how many Smartphones, Paytm, TEZ services comes, People looks for specific Knowledge locally. You can be creative and make changes as per consumer needs and requirements in future.Your cafe should be one stop solution for all. Use credit cards to make online payments which gives you back rewards points in most cases.Reward points alone provides more than 1 Lakh if you use continuously(indirect profit) and specific bank cards only provides 4x to 10x benefits while using online.Make sure you use Credit card after statement date so that the money will be in rotation for 50 days. My Statement generates on 10th January and due date is 30th January. I will start using from 11th January and Next due date is on February End or March 1st week. That gives me 45 to 49 days.Have 3 to 5 or more credit cards and be calculative on when, where and how to use. Minimum use if emergency arise.CAFE should be at center point or near to bank area for visibility. Even top geek will have to set foot once to avail one of the services above. Trust is one thing that make business popular. It takes more months to avail.Google, Digital God.

Here is a step by step guide to e-file your income tax return using ClearTax. It is simple, easy and quick.From 1st July onwards, it is mandatory to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.Read our Guide on how to link your PAN with Aadhaar.Step 1.Get startedLogin to your ClearTax account.Click on ‘Upload Form 16 PDF’ if you have your Form 16 in PDF format.If you do not have Form 16 in PDF format click on ‘Continue Here’Get an expert & supportive CA to manage your taxes. Plans start @ Rs.799/-ContinueWhat are you looking for?Account & Book KeepingCompany RegistrationGST RegistrationGST Return FilingIncome Tax FilingTrademark RegistrationOtherStep 2.Enter personal infoEnter your Name, PAN, DOB and Bank account details.Step 3.Enter salary detailsFill in your salary, employee details (Name and TAN) and TDS.Tip: Want to claim HRA? Read the guide.Step 4.Enter deduction detailsEnter investment details under Section 80C(eg. LIC, PPF etc., and claim other tax benefits here.Tip: Do you have kids?Claim benefits on their tuition fees under Section 80CStep 5.Add details of taxes paidIf you have non-salary income,eg. interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26ASStep 6.E-file your returnIf you see “Refund” or “No Tax Due” here, Click on proceed to E-Filing.You will get an acknowledgement number on the next screen.Tip: See a “Tax Due” message? Read this guide to know how to pay your tax dues.Step 7: E-VerifyOnce your return is file E-Verify your income tax return

I’m a permanent resident in HK. I’ve never seen anything in my tax forms about having to declare foreign assets. Hong Kong has no tax on total possessions, or no “rich people’s tax”, as far as I know.(The least welcome letter in my mailbox every year. Actually, this is the one inside that envelope, where I put my filled out forms in to return them to the IRD.)You can find more info on the website of the Hong Kong Inland Revenue Department (HK IRD), here: Individuals.Further, you find a booklet about how to fill in your tax return here: http://www.ird.gov.hk/eng/pdf/bi.... I’ve never seen anything about foreign assets in there.Of this booklet, I’ll quote this (emphasis by me):Under Part 4 (Salaries tax):You should report income (before deducting your mandatory contributions to recognized retirement schemes) arising in or derived from Hong Kong which is received or receivable during the year. Income includes income from an office, employment (on a full-time, part-time or casual basis) or pension from a former employer.Under Part 5 (Profits tax):Do not report corporations of which you were a shareholder. Separate Profits Tax returns will be issued to the corporations.As an employee I pay salaries tax and as a PROPERTY IN HONG KONG owner I pay tax on the property in the form of “government rates”.The salaries tax is payable annually, with the largest chunk to be paid at the start of January and a second part to be paid in April (unless you want to pay it all at once in January, but that makes financially no sense to me). Note that in Hong Kong as an employee, your employer will pay you your gross salary every month and it’s up to you to put enough of it aside to pay your tax when the bill comes. (If you’re not disciplined in doing that, I suggest you open a second bank account and have an automatic bank transfer to your savings account there a day or two after your salary is due. Or you can do what many people do and take a tax-loan every year, which will make your life instantly more expensive.)The government rates on the properties come every two to three months.Finally, you can also find info on tax for residents here: Salaries Tax & Personal Assessment.As a final note I can also state that by now I’ve visited the IRD three times to contest something, and they’ve always been friendly, efficient and helpful there. So if you’re in doubt, I suggest asking them.

PPF contribution and LIC premium paid is shown under section 80C deductions ( chapter VIA deduction) in ITR.However total limit under 80C is 1.5L.( I am assuming that you have referred to investments made -ppf/LIC and not withdrawals (income)from the same).Regards.

Filing a business tax property personal return is essential for compliance with tax regulations. It ensures that your business is accurately reporting income and expenses, which can help in avoiding penalties. Moreover, it can optimize your tax situation by identifying eligible deductions related to your property.

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