It Also Provides An Instant Calculation Of Income Tax Liability: Fill & Download for Free

Here is a step by step guide to e-file your income tax return using clear tax. Its simple, easy and quick.Types of Filing:-Income Tax e-filing can be done in two ways –·Method 1 – Select and download the suitable ITR form on your computer. You can then upload it on e-Filing Home Page, Income Tax Department, Government of India portal·Method 2 – This is easier of the two methods. However, not all ITR forms can be filled with this method. You can fill all your details on the easy online format if the process of download and upload makes you uncomfortable.How to prepare -You might want to do a bit of ground work beforehand. Keep your PAN number handy to register or login to the portal. You would also need to provide details such as user type – individual, Hindu Undivided Family (HUF), companies, chartered accountants, agencies or tax deductors.The ITR form type is decided based on your income profile. If you are a salaried tax payer you should use ITR- 1. However, if you are a business person or have earnings from other sources you will be using other ITR forms ranging from ITR 2 to ITR7. Hence appropriate selection of ITR form is essential.· Form 16 – Used by salaried employees, this form given by the employer to employee provides details of income and TDS (Tax Deducted at Source).· Form 16A – Similar to form 16, it is the certificate of deduction given quarterly for payments other than your salary.· Form 26 AS - Provided by the IT department, it shows all taxes you have paid against your PAN. It can be easily accessed through the IT e-filing website.How to e file -Here are the steps to follow to e file your returns –· Step 1 Login– Login in to e-Filing Home Page, Income Tax Department, Government of India portal using your PAN card number which is also your user ID followed by a password. This password was set up by the agent or the person who filed your tax returns in the previous year. If you are an unregistered first time user, you can e-file by either signing up as a new user or logging in to your net banking account and searching for the e filing link.· Step 2 e-file – You will be directed to the dashboard in all the above cases. The dashboard will have the link to Quick e file or Download ITR. Depending on the method you choose, you can either click the ‘Quick e- file option, file your ITR and submit or download the ITR form fill it and upload it again.· Step 3 e-verify– Having filled the mandatory columns or uploaded the ITR form successfully, the site will ask you to e-verify your returns instantly. This substitutes the earlier process of verification done manually by sending out an ITR –V through post. The option of ITR V (manual) is however still available.Things to know –The login – In case you are already a registered user or have an account but have forgotten the password, you can generate a new password. This can be done through ‘Forgot Password’ option on the e filing portal.The verification –E verification of your ITR can be done online, without you having to send a copy of ITR-V through post to Bengaluru. It can be verified using your Adhaar number, net banking or Electronic verification code that is generated by the e-filing portal.E-filing makes it easy for you to file your returns from anywhere at any time without having to share your personal details. You also have a record of all your income tax returns for future verification. Besides, the portal now allows you to calculate your tax liability immediately.

As others have already noted that Israeli citizenship by making Aliyah results in Israeli citizenship. Therefore like all Israeli citizens, he enjoys no special right to live in the US. Let me focus on HNW Brazilians who want out of Brazil and access to the US.Case Study: Brazilian HNW Family Almost Replicates Friend’s Poorly Conceived Back-Up PlanLike many wealthy Brazilian families, this client had multi-generational experience with changing political environments and their impact on the economy, including the nationalization of family property under past regimes. He also realized the lax attitudes of Brazilian tax authorities had fundamentally changed in the past decade, resulting in the targeting of the highest profile Brazilians, including top international footballer Neymar Jr.This, combined with modern tools and techniques including whistleblowers, electronic records, international sharing of financial information, meant the family’s prior casual approach to tax planning was no longer viable.Increased criminal violence targeting the wealthy also signalled that, like many of his peers, the time to secure a viable back-up plan had arrived. The family travelled on vacation to Miami to visit family friends. A major Latin American financial centre, Miami was already familiar territory. While sipping Caipirinhas, the client began discussing the issue of back-up plans with his friend. The friend sympathized immediately, saying he had struggled with the same issues only two years before.The friend explained how he had purchased a beautiful family home on Star Island and enrolled his children in local private schools as foreign students. On the advice of his real estate agent, the friend had also applied for an American Residence by Investment Golden Visa EB-5 Visa, requiring him to invest $500,000 USD along with various fees and commissions. While there was a multi-year processing time, the real estate agent had recently assured the friend his entire family would soon receive their resident alien/green card status.During the almost two years since making the Residence by Investment Golden Visa EB-5 investment, the friend’s children were quickly adapting to their new school and making a smooth transition to the US, helped by the fact that there were several Brazilian-born children in their class. The father of the family remained based mostly in Brazil, running the family holdings, which he planned to sell and move proceeds safely offshore, beyond sight of Brazilian tax authorities. By his rough calculation, it would take about five years to fully execute this withdrawal plan. Meanwhile, the mother split her time between being with her children in Miami and her husband in Brazil.My client and his family quickly concluded his friend’s plan was perfect for his own family and decided to implement a similar plan immediately. The next day, a real estate agent had shown him and his wife the perfect home, only a five minute walk from their friend’s home. They also visited the school, which seemed ideal. By the end of the week, they had an offer accepted on the home and enrolled the children to start school the following term.Back in Brazil, my client looked over the Residence by Investment Golden Visa EB-5 Visa program material given to him by the real estate agent. He noticed the agent would receive a (previously undisclosed) substantial commission, should he select this particular Residence by Investment Golden Visa EB-5 investment. After a bit more digging, my client discovered there were real problems with the whole EB-5 program, and with this specific project in particular. Along with potentially losing all his money, the client also risked not securing the resident alien status he desired at all. At this point, the client reached out to his tax advisor who put him in touch with our firm.In our discussions, which included his Brazilian tax and financial advisors, I proceeded to review the client’s situation to determine his concerns and goals. At the end of the discussion, we all agreed on the following objectives, to be included within a Lesperance & Associates Back-Up Plan:Physical safety and lifestyle for him and his family;Access to the new Florida home, full-time for his children and spouse and part-time for himself until the children had finished secondary school;Reducing chance of tax audit or nationalization of Brazilian assets;Reducing on-going future global tax burden.With these objectives in mind, I pointed out the most fundamental flaw in his current plan. Even if he successfully navigated the difficulties of the Residence by Investment Golden Visa EB-5 program, the result for him and his family would be US Resident Alien status. While very attractive from a security of access and path to US citizenship viewpoint, it would also lead to instant full US tax liability on a worldwide basis!In other words, he would be jumping out of the Brazilian tax pan and into the far more intense US tax fire! And once the US was finished with taxing his worldwide income and capital gains, they would then share all of their findings on the family’s financial dealings with Brazil.We also discussed the dangers of having only one passport, should his Brazilian passport ever be cancelled or seized in a civil or regulatory matter in Brazil. At the same time, we talked about the opportunities available to him, his children and future generations of adding a second citizenship from an EU country.At the end of the discussions, I recommended the following Back-Up Plan:CitizenshipByInvestment Passport and Non-immigrant US Treaty Trader/Investor VisaProcessed with a few months, this status would allow him and his family to live, study and work full-time in the US, if they wished. While his children and wife will probably spend enough time physically in the US to trigger US taxpayer status, he can avoid this status by limiting his physical presence to current levels. Since Brazil is not on the list of countries eligible for this type of visa, we first secured a CitizenshipByInvestment in one of the countries on the list. Along with allowing tax efficient access to the US, this also immediately gave the family a second set of travel documents, should their Brazilian documents become lost, stolen or revoked.If the family wealth was kept in properly organized non-US structures, it would never become subject to US taxation. If at a later date it was decided that some or all of the family members wished to pursue resident alien status or even US citizenship, this could be organized.Portuguese Residence by Investment Visa (Leading To Naturalization)This element provided several benefits including:a) A pathway to Portuguese citizenship for the whole family after 2 years (with resulting EU wide residence rights and ability to pass it onto future generations);b) A tax home which had limited tax liability by using legal pre-immigration tax planning; andc) A tax treaty position with both Brazil and the US which could be used to legally reduce the tax burden in eventually leaving Brazil and also extend the time he could spend in the US without becoming a US taxpayer.The client was extremely happy with the results and even referred his friend to our firm. While it was too late to be able to recover his lost Residence by Investment Golden Visa EB-5 investment (or the commission paid to the real estate agent), we were able to correct his Back-Up Plan to meet his objectives and avoid a tax disaster in both the US and Brazil.

Manage money: Money is a tool. Use it wisely. Don’t work simply for money, work for knowledge. Let your money work for you through investing. The rich invest their money and spend what is left. The poor spend their money and invest what is left.Spend wisely: Restrain the urge to splurge. Don’t justify our spending on the pretext of special occasions, peer pressure, lifestyle, family, emotions and smart decisions. If you buy things you don't need, you will soon sell things you need.Save for the unexpected: Instant gratification today matters more than saving for tomorrow. Don't save what is left after spending; spend what is left after saving.Take risks: Life is either a daring adventure or nothing. Take calculated risks. The biggest risk is not taking any risk. In a world that changing quickly, the only strategy that is guaranteed to fail is not taking risks.Think like the rich: The rich consciously focuses on what they want, whether it is money, girls or anything else, feels no shame for wanting to thrive, look for opportunities and creates them when they can.Manage your expenses: Know about your income and expenses, and assets and liabilities. Learn to read balance sheet. Assets put money in your pocket, liabilities take it out. Develop the mindset to cut down your expenses and manage your budget.Make money work for you: It is also known as passive income. When you invest money or capital in the right place, the money starts working for you. It makes income, and you are getting richer without having to work.Invest: Have surplus money you can invest. If you don’t have much money, you still have time and work ability. You can invest it in learning a skill, in getting knowledge, or networking. Invest in anything that can turn into a well-paid skill, niche, or option. Invest in anything that can become an asset.Be your own boss: When you are working in a company, you are putting your own skill in the service of someone else’s dream. Start your own company. Get direct relationships with customers, no boss, no CEO. The world we live in is made complicated so that we work for someone else and pay taxes for everything.Control your emotions: The inability to manage one’s emotions has another name: immaturity. If you are easily triggered, if emotions tend to overwhelm you and cloud your rational processes, you are vulnerable and immature. An employer can control or decide how much to pay an employee, whereas an employee always hope for pay raise.Simplify your life: Life is becoming more complex with almost every passing day. Running after money and your financial goals will distract you from things that are very important in life. As a result, you will start to lose your motivation and slump into the darkness. Hence, it is very essential that you simplify your life by freeing up your mind of all the clutter. Convert your regular earned income into passive income or portfolio income. When you do this, it is very easy to achieve the goals you desire without giving up on things that you hold close to your heart.Before you transform your wallet from poor to rich, you have to transform your mind from poor to rich.