E-Governance, Financial, Healthcare, Insurance Services - Alankit Group

Add caption Value Added Tax (VAT), an indirect tax levied on the supply of goods and services, was introduced in the UAE in January 2018 with an aim to achieve a stable economy, boost government revenue and help businesses achieve overall efficiency. The rate of VAT is 5 per cent. Companies in UAE are required to register for VAT if the value of their taxable supplies exceeds AED 375,000 over the previous 12-month period or is estimated to exceed that threshold in the next 30 days. Voluntary registration is possible if supplies and imports (or expenses in case of a start-up business) exceed AED 187,500. With one year of the successful VAT implementation in UAE, the system brought some challenges for UAE companies pertaining to augmented costs besides the implementation costs as well as the impact on cash flows. Yet, it promised to ensure long-term benefits by replacing the inefficient accounting systems and enhancing business efficiency.  Many  VAT consultants in UAE  wor...

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...