Connecting The Dots Between Tax Day, Identity Theft And Digital Transformation

It’s probably no surprise to the security professional community that once again, identity theft is among the IRS’s Dirty Dozen tax scams. Criminals use stolen Social Security numbers and other personally identifiable information to file tax claims illegally, deposit the tax refunds to rechargeable debit cards, and vanish before the average citizen gets around to filing.

Since the IRS began publishing its “Dirty Dozen” list to alert filers of the worst tax scams, identity theft has continually topped the list since 2011. In 2012, the IRS implemented a preventive measure to catch fraud prior to actually issuing refunds, and issued more than 2,400 enforcement actions against identity thieves. With an aggressive campaign to fight identity theft, the IRS saved over $1.4 billion in 2011 and over $63 billion since October 2014.

That’s great progress – but given that of the 117 million tax payers who filed electronically in 2014, 80 million received on average $2,851 directly deposited into their bank, which is more than $229 billion changing hands electronically. The pessimist in me has to believe that cyber criminals are already plotting how to nab more Social Security numbers and e-filing logins to tap into that big pot of gold.

So where are criminals getting the data to begin with? Any organization that has employees and a human resources department collects and possibly stores Social Security numbers, birthdays, addresses and income either on-premises or in a cloud HR application. This information is everything a criminal would need to fraudulently file taxes. Any time a common business process is digitally transformed, or moved to the cloud, the potential risk of exposure increases.
Ruchi Anand and Associates are one of the top tax consultant in india filing to company formation.
As 31st August is the last date of filing Tax Returns.It is right to contact or take advise from Chartered Accountant becacuse it is complex to file e-returns.

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How NRI can avoid tax under India DTAA

After the introduction of ‘Project Insight’, India government is progressing in right direction to make taxpaying process more transparent from people point of view.

A new agreement had signed by India with several countries to avoid tax on same income in both countries. DTAA agreement is Double Taxation Avoidance Agreement. It is signed between two countries.

The provisions of the Income Tax Act apply only to the extent they are more beneficial to the individual. Provisions of the DTAA prevail over the statutory provisions. Non resident Indians residing in different countries (DTAA approved) can avail the tax benefits of this agreement by submission of following documents on time.

  
1. Tax residency certificate

This certificate is available to the people by the government of the country in which he /she resides. Some columns are mandatory in Tax Residency Certificate (TRC).TRC should be filled accurately before submission to the Indian Tax Deductor. Name, status (individual , company, firm etc), address, nationality, country, tax identification number of the person in that country, tax status, period for which the tax certificate is issued should all be mentioned in the TRC. This form should be duly verified by the government of the country in which NRI reside.

2. Self declaration-cumindemnity form

The format of the form should be according to the prescription of particular bank.The following information should be mentioned in the form:

•  Account number
• Country of residence
•  Period for which TRC is submitted
• Tax rate applicable under DTAA

3. Other documents

• Self attested copy of PAN card
• Self attested copy of passport
• Self attested copy of visa.

Important information

-The documents listed above must be furnished on an annual basis for claiming DTAA tax benefits each year.

-If the TRC is not submitted within the timelines required by the deductor, the deductor (eg. Bank) will deduct tax on NRO deposits at the presently applicable rate of 30.9%.

Ruchi Anand and Associates is a blend of top chartered accountants in India having vast experience in different fields. They can advise you on your financial situation. In order to get maximum deductions and refund, our team of experts understand your financial situation and help you get maximum savings in filing tax returns. Filing ITR is a complex task but RAAAS can get you maximum savings while you can focus on your business.

RAAAS provides services like

• Audit Service in India
• Tax Consultant in India
• Formation of Business organizations in India
• Outsourcing
• Auditing
• Reporting
• Taxation
• Special Areas

Author Bio:

Kanika Arora writes on behalf of Ruchi Anand and Associates, Auditor in India and one of the top chartered accountant in Delhi provides services from company registration to filing ITR. 

How to file Income Tax Returns (ITR)?

There was a time when you wait in long queues and after waiting for five hours file your Returns. Time is considered to be most important in business. With the help of Internet, it is easy to file ITR and there is sharp increase in number of people filing e-returns with the help of Internet.  

You just need to create your account on Income Tax Department website at https://incometaxindiaefiling.gov.in, and then download 26AS form and ITR form. Now fill the form according to the bank account details.

You can find multiple websites on Internet such as Raaas, Neeraj Bhagat, Brooks Consultants etc to assist you to file e-returns. These sites also take care to get the maximum refund on tax possible.

For the people who are confused regarding last date of filing tax returns, there is good news that the last date for filing e returns has been extended to 31^st August, 2015.The process and number of pages in Income Tax Return Form (ITR) has been made simple by reducing number of pages to 3 by removing pages such as dormant bank accounts and foreign travel.

Income from all sources whether it is property, pension, job, gifts etc should be mentioned on ITR form for the year for which the income tax return has to be filed. If you have more than one source of income like property and income from agriculture is greater than 5000, need to file ITR-2A.There are different forms with different sources of income. You do not need to get confused regarding these details. RAAAS, one of the top chartered accountants in Delhi, India is ready to assist you in filing tax returns.

Few years ago, it was a tedious process to file e-returns as after filing the e-return, an acknowledgement was sent to IT department within 120 days of e-filing. It leads to an era of mistakes. You expect something and in return get unexpected results which were annoying. The results were non-processing of returns and missing of important refunds. But it is now easy with the introduction of Electronic Verification Code (EVC).It can be generated via https://incometaxindiaefiling.gov.in, ATM machines and selected banks. The most important and complex task is to calculate your due filing correctly and various sections to claim exemptions.

Ruchi Anand and Associates is a blend of top chartered accountants in India having vast experience in different fields. They can advise you on your financial situation. In order to get maximum deductions and refund, our team of experts understand your financial situation and help you get maximum savings in filing tax returns. Filing ITR is a complex task but RAAAS can get you maximum savings while you can focus on your business.

RAAAS provides services like

Formation of Business organizations in India

Payroll Outsourcing

Audit Service

Reporting

Taxation

Special Areas