Some common mistakes while You File Income Tax Returns
The due date for filing the tax returns for individual taxpayers is 31st of July. Putting it off until the last minute and filing it in a hurry can lead the taxpayer to disclose the incorrect information which might have a negative impact on the outcoming filing of the returns.
Vat returns can either be filed manually or can be filed online easily. In fact e-filing of a tax return is mandatory in UAE or Dubai.
There are lots of companies out there which are not doing their tax return correctly and resulting in paying heavy penalties from the federal tax authority of the country.
In case of any wrong submission of tax return the voluntary disclosure needs to be submitted along with the correct figure. When submitting the correct figure in voluntary disclosure all calculations need to be done very carefully and our Vat return filing services is having a dedicated team of specialists in this area with one hundred percent of success records.
There is a fee of AED 3000 for the first time voluntary disclosure submission and in case of repetition this fee goes to AED 5000 for per submission and The VAT Consultant Dubai vat registration online company can help with this in a very professional manner.
Once the submission of this voluntary disclosure is done correcting the wrong submissions of the VAT tax return, the FDI(faderal tax authorities) takes upto 3 to 6 months to accept the wrong submission of the VAT tax return via voluntary disclosure.
In case of insufficient information which is provided to correct the wrong submission done by you of tax return via voluntary disclosure, the FDI will request some more information either calling on the registered phone number provided by you or via e-mail and The VAT Consultant Dubai can help to prepare for the wrong tax return in the form of correct tax return.
The VAT Consultant in UAE is one of the best and reputed VAT consultants in Dubai who provides any kind of VAT consultancy service in UAE, VAT registration in Dubai, . Since the announced introduction of VAT in January 2018, we have helped hundreds of companies and businesses which are based in UAE or Dubai by providing them with the necessary financial advice on VAT registration in UAE or on VAT return filing. VAT settlements and non submissions of tax returns due to which they are certain fixed and daily penalties imposed by the FTA.
Filing TAX Returns Some Common Mistakes
1 - Selecting the incorrect VAT registration form(VAT registration form UAE are available online to fill)
2 - Furnishing Incorrect Information
3 - Quoting the Wrong Assessment Year
4 - If Tax is deducted on the interest income it need not to be reported in ITR
5 - No need to file tax returns if tax has been deducted already
6 - Failure to reconcile TDS with VAT Form
7 - Not disclosing all the sources of Income
8 - Entering the correct details manually
9 - Form 16 from two more employers
10 - Not paying advance tax - self assessment tax
11 - Calculate the deductions that can be claimed
12 - HRA not given by the employer
13 - Failure to dispatch ITRV on time
14 - Interest on NSC is all tax free
15 - Donations are 100% exempt