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Tax consultants in Dubai, UAE play an essential role in assisting individuals and organisations with their tax-related matters. They possess specialised knowledge in tax law, tax compliance, and tax planning, allowing them to provide valuable advice and guidance to their clients. By hiring a tax consultant, individuals and business owners can benefit from their expertise to optimise their tax obligations both in the short and long term.

One of the key advantages of hiring a tax consultant in Dubai is their ability to identify the tax deductions that individuals and businesses may be eligible for. Tax consultants at Alankit Management Consultancy are well-versed in the tax laws and regulations of UAE, enabling them to navigate the complexities of the system and ensure that their clients take advantage of all applicable deductions and credits. This can ultimately lead to reduced tax liabilities and increased savings.

Additionally, tax consultants in UAE can provide strategic advice on investments and financial decisions to minimise future tax obligations. They can analyse the financial situation of their clients and suggest suitable investment options that align with their tax goals. By making informed investment decisions, individuals and businesses can reduce their tax liabilities in the long run.

However, it is paramount to exercise caution when selecting a tax consultant in Dubai, UAE. Given the significant role they play in managing a company’s financial matters, it’s essential to choose a highly competent and trustworthy professional. While selecting the right tax consultants, one should keep in mind different factors, including experience, market value and track record of the consultant.

Benefits of Hiring a Tax Consultant in UAE:

The benefits of hiring a tax consultant in Dubai are:

  • Essential & Latest Information
  • Business Aspects Assessment
  • Time-Saving
  • Business Licenses & Permits Renewals
  • Timely Submission of Financial Records
  • Record-Keeping
  • Effective Tax Management
  • Tax Saving Options

Alankit Management Consultancy offers professional e-filing services for income tax returns, making the process easier and more efficient. With the advancement of digital technology, many tax-related procedures, including filing income tax returns, have indeed become more streamlined and convenient.

The availability of online platforms has made it possible for individuals and businesses to file their income tax returns electronically, saving time and reducing paperwork. E-filing services provide a secure and convenient way to submit tax returns, ensuring that the process is hassle-free and error-free.

Income Tax Return: Assessment

The Income Tax Return (ITR) is a statement that taxpayers must file to report their income, deductions, and other relevant information if their earnings exceed the basic exemption limit in a Financial Year (FY). After an individual has filed their ITR, the Income Tax Department processes it. In certain cases, based on parameters established by the Central Board of Direct Taxes (CBDT), the filed tax return may be selected for assessment. During the assessment, the department scrutinises the return and may request additional information or conduct further investigations to ensure compliance with tax regulations.
Below is the bifurcation of the tax assessments: Self-Assessment In the process of self-assessment, the assessee calculates the income tax payable by consolidating their income and adjusts the same against losses, deductions, and exemptions. They subtract TDS and Advance Tax already paid to determine the remaining tax payable, which is referred to as a self-assessment tax. If in case, the tax is still payable by the individual then, this tax must be paid before filing the income tax return. Summary Assessment Summary assessment is a type of assessment where the income tax department cross-checks the information provided by the assessee in their tax return with the department’s available data. The return is processed online, and automatic adjustments are made for errors and incorrect claims. Regular Assessment The income tax department designates an Assessing Officer or an Income Tax Authority, not below the rank of an income tax officer, to conduct scrutiny assessments. The objective is to ensure that the assessee has accurately reported their income, expenses, losses, and taxes paid. The Central Board of Direct Taxes (CBDT) sets parameters based on which cases are selected for scrutiny assessment.

  1. When an assessee is subject to scrutiny, they receive a notice in advance, within six months from the end of the financial year in which the return was filed.
  2. The assessee is required to provide books of accounts and evidence to support their reported income. The assessing officer then issues an order either confirming the filed return or making additions, resulting in an income tax demand that the assessee must address accordingly.

Scrutiny Assessment

After submitting an income tax return, the Income Tax Department may assign an Income Tax Officer to assess the filing. The taxpayer receives an Income Tax Notice under Section 143(2) to notify them of the assessment. The officer can request information, documents, and books of accounts for scrutiny assessment. The officer examines the details and calculates the tax payable. If there is a discrepancy between the reported income and tax due, the taxpayer can pay the additional amount or claim a refund. If dissatisfied with the assessment, the taxpayer can seek rectification under Section 154 or file a revision application under Section 263 or Section 264. Further appeals can be made to higher authorities, such as CIT (A), ITAT, High Court, and The Supreme Court, in sequential order.

Best Judgement Assessment

The Best Judgement Assessment is invoked in specific scenarios:

  • If the assessee does not respond to a notice requesting certain information or books of accounts.
  • If the assessee fails to comply with a Special Audit ordered by the Income-tax authorities.
  • If the assessee does not file, the return within the due date or the extended time limit allowed by the CBDT.
  • If the assessee fails to adhere to the terms specified in the notice issued under Summary Assessment. After allowing the assessee to present their arguments, the assessing officer makes an assessment based on the available materials and evidence.

In such cases, the assessing officer exercises his judgment to determine the tax liability based on the best information available.

Income Escaping Assessment

The assessing officer holds the authority to assess or reassess the income of the assessee e if there are sufficient reasons to believe that taxable income has escaped assessment. The time limit for issuing a notice to reopen an assessment is generally four years from the end of the relevant assessment year.
There are several scenarios where reassessment may occur:

  • If the assessee has taxable income but has not filed, the income tax return.
  • If, after filing the return, the assessee is found to have understated income or claimed excessive allowances or deductions.
  • If the assessee fails to furnish reports on international transactions as required.

The process of reassessment can vary in its complexity and duration, depending on the circumstances and individual taxpayers. While some assessments may be concluded quickly, others can be more rigorous and time-consuming.
As NRIs may have specific tax considerations and requirements, having a service provider that understands and addresses their unique situation can be highly beneficial. Conducting thorough research and seeking recommendations can help ensure that you choose a reliable and trustworthy service provider like Alankit.
We help you with:

  • Minimisation of Tax Liability
  • Professional Advisory
  • Tax Planning
  • Accurate Filing

At Alankit Management Consultancy, we significantly simplify the tax filing process and help individuals and businesses optimise their taxes while leveraging the convenience and security of digital platforms.

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Alankit experts for Tax Consultancy Services

+971 42 770936