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Individual tax return case study

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Added: 20.04.2021
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Case Study #7: The Earned Income Tax Credit

Examination of Individual Income Tax Returns | Internal Revenue Service

Aditya has let out his apartment in Mumbai for Rs. It's time to file his tax returns for this year and for that he needs to determine how much he owes the I-T Department. He paid Rs. He is also paying an interest of Rs. Since the property is let out, the entire interest on the home loan can be claimed as a deduction.

Part 4. Examining Process

Representing an individual and his company under tax investigation for alleged concealment of business revenues and other tax irregularities. Settling the investigation on behalf of the client and satisfying HMRC Specialist Investigations through a comprehensive analysis of private bank accounts that there was no suppression of business revenues. HMRC did inspect the business records but at our offices. The remainder of the enquiry was conducted by correspondence and no meeting between HMRC and the business owner took place.
Maria is retired, and her only income is from a pension and some investments. She had no withholding and is not eligible for any tax credits. If Maria does not want to make estimated payments, she could submit Form W-4P to request withholding from her pension instead.

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