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Income tax is a direct tax levied on an individual's or entity's income by the Government of India under the Income Tax Act, 1961. It is administered by the Central Board of Direct Taxes (CBDT) and is a primary source of revenue for the government.

Key Features of Income Tax in India

  1. Applicability:

    • Applicable to individuals, Hindu Undivided Families (HUFs), firms, LLPs, companies, and others.

    • Resident taxpayers are taxed on global income, while non-residents are taxed on income earned or accrued in India.

  2. Types of Income: Income is categorized under five heads:

    • Income from Salary: Wages, pensions, and perks.

    • Income from House Property: Rental income minus deductions.

    • Profits and Gains of Business or Profession: Income from business or professional activities.

    • Capital Gains: Profit from the sale of capital assets.

    • Income from Other Sources: Residual income like interest, dividends, etc.

  3. Assessment Year (AY):

    • Income is calculated for the Financial Year (FY) but taxed in the subsequent Assessment Year (AY).

  4. Exemptions and Deductions:

    • Exemptions under Section 10 (e.g., HRA, agricultural income).

    • Deductions under Chapter VI-A (e.g., Section 80C, 80D, 80G).

Overview

Services Offered:

  • Income Tax Return (ITR) Filing

    • Assistance with filing income tax returns for individuals, businesses, and other entities.

    • Support in selecting the appropriate ITR form based on income sources and status.

    • Ensuring timely filing to avoid penalties and secure tax refunds.

  • Tax Planning and Advisory

    • Customized tax planning to optimize savings and reduce liabilities.

    • Guidance on availing deductions under sections like 80C, 80D, 80G, and others.

    • Structuring salary components (e.g., HRA, LTA) for tax efficiency.

  • Advance Tax and Self-Assessment Tax Compliance

    • Calculation and payment of advance tax to avoid interest penalties under Sections 234B and 234C.

    • Assistance in computing self-assessment tax before filing returns.

  • Capital Gains Tax Management

    • Advisory on short-term and long-term capital gains taxation.

    • Guidance on exemptions under Sections 54, 54F, and 54EC for reinvestment in specified assets.

  • TDS Compliance Services

    • Assistance with TDS/TCS deductions, deposits, and return filings (Forms 24Q, 26Q, etc.).

    • Rectification of TDS mismatches and generating Form 16/Form 16A for employees or vendors.

  • Refund Claims

    • Ensuring accurate claim of tax refunds due to excess TDS or advance tax payments.

    • Monitoring refund status and resolving issues with the Income Tax Department.

  • International Taxation Services

    • Advisory on Double Taxation Avoidance Agreements (DTAAs).

    • Tax planning for foreign income and expatriate taxation.

    • Assistance in managing Foreign Tax Credit (FTC) claims.

  • Estate and Wealth Tax Advisory

    • Structuring wealth transfers to minimize tax implications.

    • Advisory on inheritance tax compliance and documentation.

  • Corporate Taxation Services

    • Preparation and filing of corporate tax returns.

    • Advisory on AMT (Alternate Minimum Tax).

    • Support in calculating and managing tax provisions for financial reporting.

  • Tax Exemptions and Deductions Advisory

    • Guidance on availing exemptions like HRA, LTA, and agricultural income.

    • Maximizing deductions under Section 80C (investments), 80D (health insurance), and 80G (donations).

  • PAN and TAN Services

    • Assistance in obtaining or correcting PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number).

    • Advisory on statutory obligations related to PAN/TAN compliance.

  • Startup Tax Advisory

    • Special tax benefits and exemptions for startups under Section 80-IAC and other provisions.

    • Guidance on angel tax compliance and ESOP taxation.

  • Regular Updates and Compliance Alerts

    • Timely updates on changes in income tax laws and regulations.

    • Alerts on due dates for filing returns, paying taxes, and responding to notices.

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